Page 11 - Cci

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

SC to hear Google's plea against CCI fine of Rs 1,337.76 crore on April 30

Senior advocate Harish Salve, appearing for Google and Addl Solicitor-General Venkatraman appearing for CCI said it will take both sides 4 days to argue the case as there are new points to be raised

Madras HC dismisses appeals by tech firms against Google billing policy

Tech companies raised concerns over Google's new service fee, which ranged between 11-26% for using third-party billing systems

CCI approves proposed amalgamation involving Shriram Group entities

Fair trade regulator CCI on Tuesday cleared the proposed combination involving the merger of various entities of the Shriram Group. The proposed combination relates to the amalgamation of Shriram GI Holdings Pvt Ltd with Shriram General Insurance Company Ltd. Shriram General Insurance Company is a joint venture between Shriram Capital and Sanlam Ltd (South Africa). It is an Irdai-licensed company, offering a wide range of general insurance solutions. "CCI approves the proposed amalgamation of Shriram GI Holdings Private Limited with Shriram General Insurance Company Limited," the regulator said in a post on social media platform X. The competition watchdog also granted its approval to the proposal for the merger of Shriram LI Holdings Pvt Ltd with Shriram Life Insurance Company Ltd. Shriram Life Insurance Company is jointly promoted by Shriram Group and South Africa-based financial services firm Sanlam Group. The Shriram Group is one of the largest and well-respected financial ..

CCI okays Manipal Health Enterprises stake sale to Abu Dhabi investment arm

Fair trade regulator Competition Commission of India (CCI) on Monday cleared Seventy Second Investment Company's proposed stake acquisition in Manipal Health Enterprises. The deal has been approved under the green channel route. Manipal Health Enterprises operates a network of hospitals providing multi-specialty care. It has a presence through 27 hospitals in 14 cities in the country. The combination relates to Seventy Second Investment Company proposal to acquire an equity stake in Manipal Health Enterprises Pvt Ltd, CCI said. Seventy Second Investment Company is an investment entity, wholly-owned by the investment vehicle of the Government of Abu Dhabi and is incorporated in the Emirate of Abu Dhabi, United Arab Emirates. "The activities of the parties (including their affiliates) do not exhibit any horizontal, vertical, or complementary overlaps in any of the plausible relevant markets," the competition watchdog said in its notice. Therefore, the proposed combination is being

Govt probes DHL, FedEx, UPS for alleged collusion on discounts & tariffs

Competition Commission of India (CCI) has begun reviewing hundreds of thousands of emails as it investigates the fees companies charged for airport services

CCI clears Punjab State Power Corp's purchase of GVK Power project

The Competition Commission of India on Tuesday cleared Punjab State Power Corporation's proposed acquisition of GVK Power (Goindwal Sahib) Ltd. GVK Power (Goindwal Sahib) is a wholly-owned subsidiary of GVK Energy Ltd, which in turn is the subsidiary of GVK Power and Infrastructure Ltd. The combination involves the acquisition of 100 per cent stakeholding of GVK Power (Goindwal Sahib) Ltd by Punjab State Power Corporation Ltd (PSPCL). "CCI approves the proposed acquisition of 100 per cent shareholding of GVK Power (Goindwal Sahib) Limited by Punjab State Power Corporation Ltd," the fair trade regulator said in a post on X. In July last year, PSPCL had filed a bid to take over the 540 MW Goindwal thermal power plant in Tarn Taran after corporate insolvency proceedings were initiated against its owner GVK Power. Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.

Differential pricing of iron ore likely to create competition concerns: CCI

The differential pricing of iron ore is likely to create competition concerns and exports of iron ore should also be discouraged, according to a study by fair trade regulator CCI. In its market study on 'Dynamics of Competition in the Mining Sector in India With A Focus On Iron Ore', the watchdog has also flagged possible issues with pricing of iron ore from captive mines. "The allocation of captive mines to some players creates entry barriers in the iron ore and steel sector as entry and successful operation becomes costly for new firms," the Competition Commission of India (CCI) said in a release. As per the study, the differential pricing of iron ore for different end users is likely to create competition concerns. The amendments in mining law in 2021 have allowed the captive mines to sell up to 50 per cent of surplus iron ore in the open market which is likely to boost the supply of iron ore in the market, the study said. However, it noted that when a captive mine sells its ..

CCI clears stake acquisition in RCap by IIHL, IIHL BFSI (I) Ltd, Aasia

Fair trade regulator Competition Commission of India on Wednesday said it has cleared the proposed stake acquisition in Reliance Capital by IndusInd International Holdings Ltd, IIHL BFSI (India) Ltd, and Aasia Enterprises. Reliance Capital Ltd (RCL) is an RBI-registered non-banking, non-deposit-taking systemically important company (NBFC-CIC-ND-SI). It is engaged in the financial service sector. The combination relates to the acquisition of a controlling stake in Reliance Capital Ltd by IndusInd International Holdings Ltd, IIHL BFSI (India) Ltd, and Aasia Enterprises. Post the completion of the transaction, IndusInd Bank, along with other entities, will have a controlling stake in Reliance Capital. "Commission approves the proposed acquisition of the control/stake in Reliance Capital Limited by IndusInd International Holdings Limited, IIHL BFSI (India) Limited, and Aasia Enterprises," CCI said in a post on X. In July, Hinduja group-owned IndusInd International Holdings (IIHL), th

PCBL Ltd receive CCI approval for Aquapharm Chemicals acquisition

Anti-trust regulator CCI has approved speciality chemicals major PCBL Ltd's proposed acquisition of a 100 per cent stake in Aquapharm Chemicals, according to a notice. The Competition Commission of India (CCI) has granted its approval to the deal under the green channel route. Under the green channel route, a transaction that does not raise any risk of an appreciable adverse effect on competition is deemed to be approved on being intimated to the fair-trade regulator. PCBL Ltd is engaged in the manufacturing and sale of carbon black, and green power generation. The transaction relates to PCBL's proposal to acquire 100 per cent equity share capital of Aquapharm Chemicals from the existing shareholders of the company i.e., (members of Desai Group and Mangwani Group), CCI said. After the completion of the transaction, Aquapharm Chemicals will be a wholly-owned subsidiary of PCBL Ltd. Aquapharm Chemicals Pvt Ltd (ACPL) is a Pune-based speciality chemicals company engaged in manufactu

CCI clears Alpha Alternatives Group stake purchase in Dilip Buildcon

Fair trade regulator Competition Commission of India (CCI) has granted an approval to Alpha Alternatives Group for the acquisition of a 10 per cent stake in Dilip Buildcon, according to a notice. The CCI cleared the deal under the green channel route. The transaction involves the acquisition of 9.99 per cent of the equity stake in DBL by way of subscription to warrants by Alpha Alternatives Holdings Pvt Ltd (AAHPL), and its other entities, the CCI said in the notice on Friday. The commission has also approved the acquisition of 26 per cent equity shareholding and investment in certain non-convertible debentures (NCDs) in DBL's Special Purpose Vehicles (SPVs) by AAHPL along with its affiliates. The SPVs operate Hybrid Annuity Model (HAM) projects (constructed and under-construction projects) engaged in the road infrastructure sector in India. AAHPL is a multi-asset class asset management firm that raises capital and manages investments on behalf of its clients. In November, engine

Ansuman Pattnaik to replace Atul Verma as CCI's new head of investigations

Pattnaik has 28 years of experience working in various positions in the Indian government. He also worked at the CCI during 2014-2019 in its investigations unit and was head of the unit briefly