Page 11 - Cci

Adani Power gets CCI's approval to acquire Lanco Amarkantak Power

Fair trade regulator Competition Commission of India (CCI) on Tuesday cleared Adani Power's proposed acquisition of Lanco Amarkantak Power. Adani Power proposes to acquire 100 per cent share capital and control of the Lanco Amarkantak Power, pursuant to the corporate insolvency resolution process (CIRP) initiated under the Insolvency and Bankruptcy Code, 2016 (IBC), according to a release. Insolvent Lanco Amarkantak Power is engaged in the business of thermal power generation. On March 5, Adani Power announced it received the creditors' approval for the resolution plan to acquire insolvent Lanco Amarkantak Power. "The proposed transaction does not result in an appreciable adverse effect on competition in any plausible relevant market in India," CCI said. Adani Power is engaged in the business of thermal power generation in India. In another release, CCI said it has cleared the proposals of purchasing stakes in PharmEasy by various entities, including Ranjan Pai's MEMG Family Offi

UltraTech Cement receives CCI's approval to acquire Kesoram Cement

Fair trade regulator CCI on Tuesday granted approval to UltraTech Cement's proposed acquisition of Kesoram Cement Business from Kesoram Industries. Kesoram Industries is engaged in the manufacture of grey cement through the Kesoram Cement Business. The proposed combination relates to the acquisition of the grey cement business of Kesoram Industries Limited by UltraTech Cement Ltd pursuant to a composite scheme of arrangement dated November 30, 2023, according to a release. The Competition Commission of India (CCI) said it has cleared the deal. UltraTech is a public-listed company in and is engaged in the business of the manufacture and sale of grey cement, white cement, ready-mix concrete, clinker, and building products in India. The company is also engaged in the provision of building solutions in India. It is a subsidiary of Grasim Industries Ltd. In November last year, UltraTech Cement announced it was set to acquire the cement business of BK Birla Group's flagship company Kes

Govt proposes exempting certain M&A deals from CCI approval requirement

The government has proposed exempting intra-group transactions and certain other mergers and acquisitions from the requirement of Competition Commission approval, a move that is likely to help in reducing the regulatory burden on the watchdog. Draft rules to exempt certain categories of combinations from the Competition Commission of India (CCI) approval requirement have been issued by the corporate affairs ministry. Vaibhav Choukse, Partner & Head - Competition Law at JSA Advocates & Solicitors, said the draft rules enlist certain kinds of M&A (Merger & Acquisition) transactions which will not require approval from the CCI. These include intra-group transactions, certain types of minority and creeping acquisitions, and rights issue as they will not have an impact on the competition in the market, he added. According to him, the rules will replace and modify the existing categories of M&A transactions that are exempt. The rules also modify the affiliate test ...

The Digital Competition Bill: Onus on Big Tech to declare fair deal

The CCI will have the power to levy a fine of up to 1 per cent of the global turnover of the online entity in case it fails to make this declaration, sources said

Retrospective fine? Experts seek clarity on CCI rule on global turnover

MCA notification dated March 5 empowers the Commission to impose penalty on global turnover of a company and not just the turnover derived from the product or service under investigation

MCA revises thresholds for mergers and amalgamation under Competition Act

Merger transactions with acquisition targets having assets under Rs 450 cr or turnover below Rs 1,250 cr are exempt from CCI approval

CCI clears Ring Plus Aqua's 59% stake buy in Maini Precision Products

Fair trade regulator CCI on Wednesday said it has granted approval to Ring Plus Aqua Ltd's proposed acquisition of a 59.25 per cent stake in Maini Precision Products Ltd. Maini Precision Products Ltd (MPPL) is engaged in the manufacturing of precision products for different industries and manufacturers. "The proposed combination inter-alia envisages the acquisition of 59.25 per cent shareholding in MPPL by RPAL, the acquisition of the entire shareholding of JK Files & Engineering Ltd in JK Talabot Ltd by a wholly-owned subsidiary of Raymond Ltd (New Company), and merger of RPAL, MPPL and the engineering business of JK Files into the new company," CCI said in a release. Raymond Ltd and its subsidiaries are engaged in the manufacture and sale of textiles, lifestyle products, branded apparel, hardware and tools, certain automotive parts, and real estate. The Competition Commission of India (CCI) said it has cleared the proposed deal on Wednesday. JK Files is a wholly-owned subsidiary

Indian startups ask CCI to order Google to restore apps after 'brazen' move

Startup executives on Monday met India's deputy IT minister Rajeev Chandrasekhar who told them he was concerned by the removal of the apps

CCI proposes changes in confidentiality ring system to speed up proceedings

Anti-trust regulator says proposed amendments will help parties in their defence arguments

CCI approves Minda Corporation's proposed 8.79% stake purchase in Pricol

The Competition Commission of India (CCI) on Tuesday said it has approved Minda Corporation's proposed 8.79 per cent stake purchase in Pricol. Minda Corporation is in the business of manufacturing of auto components and caters to Original Equipment Manufacturers (OEMs) and Tier-1 in various segments in India. The proposed combination relates to an acquisition of up to 8.79 per cent (approx.) of the equity share capital of Pricol by Minda, according to a release. Pricol manufactures automobile components for OEMs, Tier-1 and replacement markets across India and globally. Deals beyond a certain threshold require approval from the regulator CCI.

ADIF moves Delhi HC against 'inaction of CCI' to decide Google case

ADIF told court that 'there will be a cascading effect of harm to the market and the market will not be able to recoup the competitive loss at the hands of Google if CCI does not decide on its plea

Competition regulator allows Adani Power, DAIT to acquire Coastal Energen

The Competition Commission of India (CCI) on Tuesday said it has approved a proposal to acquire a 100 per cent stake in Coastal Energen Pvt Ltd by Adani Power Ltd and Dickey Alternative Investment Trust. Adani Power Ltd (APL), a part of the diversified Adani Group, is the leading private-sector thermal power producer in India. The proposed transaction involves the acquisition of 100 per cent equity share capital of Coastal Energen Pvt Ltd (CEPL) by the acquirers (Dickey Alternative Investment Trust (DAIT) and APL), according to a release by fair trade regulator CCI. DAIT is a Sebi-registered Alternative Investment Fund (AIF). It is acting through its investment manager Dickey Asset Management Pvt Ltd. CEPL is engaged in the business of generation and sale of power. The company is undergoing a Corporate Insolvency Resolution Process (CIRP) under the insolvency and bankruptcy code. The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair

Indian startup ecosystem welcomes MCA's performance review of CCI

The Finance and Corporate Affairs Minister, Nirmala Sitharaman, is likely to convene a meeting in this regard this month

CAIT approaches CCI against Flipkart, Amazon for anti-competitive practices

CAIT writes to CCI seeking the urgent resolution of the longstanding Delhi Vyapar Mahasangh case involving alleged anti-competitive practices of Flipkart and Amazon

CPPIB, Allianz Group gets CCI nod to acquire Interise Investment Managers

Fair trade regulator CCI on Tuesday said it has approved the proposal of purchasing stakes in Interise Investment Managers by various entities, including Canadian pension fund CPPIB and Allianz Group. Interise Investment Managers is the investment manager of IndInfravit Trust. The trust is an Sebi-registered infrastructure investment trust. "The proposed combination involves acquisition of 100 per cent of the issued and paid-up share capital of Interise Investment Managers by CPPIB India Private Holdings (CIPH), Allianz Infrastructure Luxembourg II (AIL-II), Ontario Inc from L&T Infrastructure Development Projects Ltd and certain other sellers," according to a release. CIPH is a wholly-owned subsidiary of Canada Pension Plan Investment Board (CPPIB) and AIL II is a Luxembourg-based alternative investment fund which is wholly-owned by Allianz SE. Ontario Inc is an investment entity of the Ontario Administration Corporation. After the completion of the transaction, CIPH, AIL-II and

CCI to soon float tender for market study on AI's impact on businesses

The Chairperson of the Competition Commission of India (CCI) also emphasised that the regulator cannot take "one-size fits all" interventions in technological markets, which require nuanced assessment

CCI approval for stake buy does not give Burmans 'clean chit': Religare

Amid ongoing feud with the Burman family, Religare Enterprises on Wednesday claimed fair trade regulator CCI's approval for additional stake purchase by the Burman family entities does not "give a clean chit to the acquirers" with respect to certain alleged competition law violations. On Tuesday, the Competition Commission of India (CCI) approved the acquisition of 31.27 per cent of additional stake in Religare Enterprises by four entities of Dabur India promoter Burman family. The approval came against the backdrop of the intense feud between Religare Enterprises and the Burman family over taking control of the company. The release issued by the CCI regarding the stake purchase clearly stipulates that the "approval is without prejudice to the proceedings that may be initiated under Section 43A, 44 and/or 45 of the Competition Act, 2002", a Religare Enterprises spokesperson said. The spokesperson said it was in connection with the combination notice issued by the acquirers forming

CCI nod for Religare stake buy deal without prejudice, says legal expert

The Competition Commission has cleared without prejudice the additional stake purchase by the Burman family entities in Religare, and if it is found later that any material information was omitted, then the regulator has the power to revoke the approval order, according to a legal expert. The approval came against the backdrop of the intense feud between Religare Enterprises and the Burman family over taking control of the company. On Tuesday, the Competition Commission of India (CCI) approved the acquisition of 31.27 per cent of additional stake in Religare Enterprises by four entities of Dabur India promoter Burman family. "CCI's approval has been issued without prejudice to any subsequent action pertaining to gun-jumping (section 43A), and contraventions regarding provision of information, including false statement or omission to furnish material information (sections 44 and 45)," Gautam Chawla, a partner in the competition practice at Trilegal, said in a statement on Wednesday.

CCI clears Tata Electronics acquisition of Wistron's iPhone assembly plant

The Competition Commission of India (CCI) on Tuesday said it has cleared Tata Electronics' proposed acquisition of Taiwan-based Wistron's operations in India. Wistron Infocomm Manufacturing (India) operates an iPhone assembly plant near Bengaluru. In October last year, Wistron Group announced it has agreed to sell a plant in Bengaluru to the Tata Group. According to an update on the CCI's website on Tuesday, the regulator has cleared the deal between Tata Electronics and Wistron. Tata Electronics proposes to acquire 100 per cent of the Wistron Infocomm Manufacturing (India) equity share capital from SMS Infocomm (Singapore) Pvt Ltd (SMS Infocomm) and Wistron Hong Kong Ltd (Wistron HK), as per a notice submitted to the regulator. SMS Infocomm and Wistron HK owned 99.99 per cent while 0.01 per cent of the Wistron Infocomm Manufacturing (India) share capital on a fully diluted basis, respectively. Wistron InfoComm Manufacturing (India) was incorporated in 2017 by the Wistron group.

CCI clears merger of Fincare Small Finance Bank with AU Small Finance Bank

The Competition Commission of India (CCI) has approved the merger of Fincare Small Finance Bank with AU Small Finance Bank, as per an exchange filing on Tuesday. In October last year, the board of directors of AU Small Finance Bank (AU SFB) and that of Fincare Small Finance Bank (Fincare SFB) approved an all-stock merger of AU SFB and Fincare SFB. As per the terms of scheme of amalgamation, Fincare Business Services, promoter of Fincare SFB, shall infuse Rs 700 crore into Fincare SFB prior to the completion of the merger. "...CCI vide its letter dated January 23, 2024 has communicated that CCI in its meeting held on January 23, 2024, considered and approved the proposed combination involving amalgamation of Fincare Small Finance Bank Limited into and with AU Small Finance Bank...," AU SBF said in the filing to stock exchanges. The lender further said the scheme remains subject to the Reserve Bank of India's approval. Shares of AU SFB ended at Rs 715.95 apiece on the BSE on Tuesday