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CCI approves acquisition of 89.6 per cent of equity shareholding of Gangavaram Port Limited by Adani Ports and Special Economic Zones Limited

 

The Competition Commission of India (CCI) today approved the acquisition of 89.6 per cent of equity shareholding of Gangavaram Port Limited (GPL) by Adani Ports and Special Economic Zones Limited (APSEZ).

The proposed combination will lead to the acquisition of 89.6 per cent of the shareholding in GPL (i.e., the entity operating Gangavaram port) by APSEZ.

APSEZ is an integrated port infrastructure services provider currently having its presence across 11 domestic ports in six maritime states of Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha.

GPL is engaged to own, develop and operate the deep-water port at Gangavaram, Andhra Pradesh, pursuant to a concession agreement on a Build-Own-Operate-Transfer basis with the Government of Andhra Pradesh. The agreement is valid for a concession period of thirty years from the date of commercial operations and entitled for a further period of 20 years (two periods of 10 years each).

#CCI
13-April-2021
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CCI approves acquisition of 51 per cent of equity share capital of NESCO Utility by Tata Power Company Limited

 

The Competition Commission of India (CCI) has approved the acquisition of 51 per cent of the equity share capital of North Eastern Electricity Supply Company of Odisha (“NESCO Utility”) by The Tata Power Company Limited  (“TPCL”) from Grid Corporation of Odisha Limited (“GRIDCO”). The acquisition is being done under Section 31(1) of the Competition Act, 2002, on 18th March 2021.

The proposed combination relates to the acquisition of 51 per cent of the equity share capital of NESCO Utility by the TPCL from GRIDCO pursuant to the competitive bidding process initiated by the Odisha Electricity Regulatory Commission (“OERC”) under Section 20 of the Electricity Act, 2003.

TPCL, incorporated on 18th September 1919, is a public listed company and is primarily engaged in the business of power generation, transmission and distribution. It is a part of the Tata group.

NESCO Utility, incorporated on 19 November 1997, is engaged in the business of distribution and retail supply of power in five districts of Odisha namely, (i) Balasore; (ii) Bhadrak; (iii) Jajpur; (iv) Keonjhar; and (v) Baripada.

#TataPower #CCI
20-March-2021
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CCI approves proposed merger of NAM Estates and Embassy One Commercial Property Developments into Indiabulls Real Estate

 

The Competition Commission of India (CCI) has approved the proposed merger of NAM Estates and Embassy One Commercial Property Developments into Indiabulls Real Estate.

The proposed combination envisages the merger of NAM Estates Private Limited (NAM Estate) and Embassy One Commercial Property Developments Private Limited (EOCPDPL) into Indiabulls Real Estate Limited (IBREL).

The proposed combination will be carried out through a series of inter-connected steps viz.: (i) certain identified assets, securities and/or investments of certain entities of the Embassy group will be transferred to Embassy Group entity(ies); (ii) certain third-party investors will swap their shareholding in these identified assets, securities and/or investments of certain entities of the Embassy group, for a shareholding in NAM Estates and EOCPDPL; (iii) the restructured NAM Estates and EOCPDPL will merge with and into IBREL. and IBREL will issue shares to all existing shareholders of NAM Estates and EOCPDPL.

NAM Estates is engaged in the business of real estate development of commercial and residential assets and other related activities. NAM Estates belongs to the Embassy group of companies.

EOCPDPL is engaged in the business of providing common area maintenance services to the construction and development of real estate projects (both residential and commercial) and other related activities. EOCPDPL belongs to the Embassy group of companies.

IBREL is a publicly listed, real estate company in India. Geographically, the company’s strategic focus is in key markets of Mumbai Metropolitan Region and National Capital Region.

#CCI
25-February-2021
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CCI approves acquisition of Tata Communications Limited by Panatone Finvest Limited

 

The Competition Commission of India (CCI) approved the acquisition of Tata Communications Limited (“TCL”) by Panatone Finvest Limited (“Acquirer”) under Section 31(1) of the Competition Act, 2002, today.

The Proposed Combination envisages the proposed acquisition of such shareholding not exceeding 26.12 per cent by the Acquirer in the Target (“Proposed Combination”). As a result of the Proposed Combination, the Acquirer Group / Tata Group would increase its shareholding from 48.87 per cent to such shareholding not exceeding 74.99 per cent.

The Acquirer is a Systemically Important Non-Deposit Taking Core Investment Company (“CIC-ND-SI”) registered with the Reserved Bank of India and is a subsidiary of Tata Sons and belongs to the Tata Group.

TCL is part of the Tata group and is a facilities-based service provider of a broad range of integrated communications services. It generates revenue from three business segments - wholesale voice, enterprise and carrier data and others. In India, TCL is, directly and indirectly through its subsidiaries, engaged in the following activities:

  1. International Long-Distance services (“ILD”) – voice;
  2. National Long-Distance services (“NLD”) – voice;
  3. Undersea cable systems (“UCS”);
  4. Internet Service Provider (“ISP”), offering connectivity, messaging, Internet telephony; and
  5. Enterprise business providing valued added services

#CCI #TataCommunicationsLimited
23-February-2021
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CCI approves acquisition of Indo Gulf Fertilisers by Indorama India Private Limited.

 

The Competition Commission of India (CCI) today approved the acquisition of Indo Gulf Fertilisers by Indorama India Private Limited (IIPL).

The proposed combination relates to the acquisition by IIPL of Indo Gulf Fertilizers (Target Businessviz. fertiliser division of Grasim Industries Limited (‘GIL/Seller’), as a going concern on a slump sale basis.

IIPL is principally engaged in manufacture, trading and sale of fertilisers, primarily, phosphatic fertilisers and speciality plant nutrients.

GIL is engaged in the production of viscose staple fibre, chloralkali, fertiliser (through Target Business), textiles and insulators. It is also engaged in producing cement and providing financial services through its subsidiaries.

The Target Business is principally engaged in the manufacture, trade and sale of urea, customised fertilisers, agri-inputs, crop protection, plant and soil health products and specialty fertilizers.

#CCI
29-January-2021
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CCI approves major acquisitions

 

The Competition Commission of India (CCI) has approved the acquisition of a minority stake in Aditya Birla Fashion and Retail Limited (ABFRL) by Flipkart Investments Private Limited (FIPL).

The proposed combination relates to acquisition by FIPL of a minority shareholding of 7.8 per cent, on a fully diluted basis in ABFRL, by way of subscription equity shares.

The CCI has also approved the acquisition of stake by Axis Bank Limited, Axis Capital Limited and Axis Securities Limited in Max Life Insurance Company Limited.

The proposed combination will result in an increase of shareholding in Max Life Insurance Company Limited (Target) to approximately 9.9 per cent by Axis Bank Limited and acquisition of 2 per cent and 1 per cent shareholding in the Target by Axis Capital Limited and Axis Securities Limited respectively.

The acquisition of Altico Capital India Ltd (Altico) by Ares SSG Capital Management (Singapore) Pte. Ltd (Ares SSG) under Section 31(1) of the Competition Act, 2002, has also been approved by CCI today.

The Proposed Combination will result in the acquisition of Altico's loan assets by India Special Situations Scheme II (“ISSS II”), Investment Opportunities V Pte. Limited (“IOV”) and Assets Care & Reconstruction Enterprise Ltd (“ACRE”) which are the entities identified by Ares SSG.

#CCI
21-January-2021

CCI approves demerger of Textiles Business of GHCL Ltd into its wholly owned subsidiary GHCL Textiles Limited

The Competition Commission of India (CCI) has approved demerger of the Textiles Business of GHCL Ltd. (GHCL) into its wholly owned subsidiary GHCL Textiles Limited (GHCL Textiles) under Section 31(1) of the Competition Act, 2002, a release issued on Tuesday (September 29th) said

GHCL is a public limited company incorporated in India and is stated to be engaged in the business of (i) manufacture and sale of inorganic chemicals including but not limited to Soda Ash (Dense grade and Light grade), Sodium Bicarbonate, Industrial Salt and Consumer Products ('Chemical Business') and (ii) manufacture and sale of textiles including but not limited to yarn manufacturing along with weaving, processing, cutting and sewing of home textiles products ('Textiles Business').

GHCL Textiles is a Public Limited Company incorporated in India. Presently, GHCL Textiles Ltd. is a wholly owned subsidiary of GHCL.  It is a newly incorporated company and has not initiated any business activity.

Pursuant to the proposed demerger, GHCL will retain its chemicals and consumer products business and GHCL Textiles will have the demerged Textiles business.

Also the Competition Commission of India (CCI) has approved acquisition of certain real estate projects of RMZ Group and 100 per cent equity shareholding in CoWrks by Brookfield Private Capital (DIFC) Limited, under Section 31(1) of the Competition Act, 2002.

The acquiring entity will be a newly formed company belonging to Brookfield Private Capital (DIFC) Limited.

CCI approves demerger of Textiles Business of GHCL Ltd into its wholly owned subsidiary GHCL Textiles Limited

The Competition Commission of India (CCI) has approved demerger of the Textiles Business of GHCL Ltd. (GHCL) into its wholly owned subsidiary GHCL Textiles Limited (GHCL Textiles) under Section 31(1) of the Competition Act, 2002, a release issued on Tuesday (September 29th) said

GHCL is a public limited company incorporated in India and is stated to be engaged in the business of (i) manufacture and sale of inorganic chemicals including but not limited to Soda Ash (Dense grade and Light grade), Sodium Bicarbonate, Industrial Salt and Consumer Products ('Chemical Business') and (ii) manufacture and sale of textiles including but not limited to yarn manufacturing along with weaving, processing, cutting and sewing of home textiles products ('Textiles Business').

GHCL Textiles is a Public Limited Company incorporated in India. Presently, GHCL Textiles Ltd. is a wholly owned subsidiary of GHCL.  It is a newly incorporated company and has not initiated any business activity.

Pursuant to the proposed demerger, GHCL will retain its chemicals and consumer products business and GHCL Textiles will have the demerged Textiles business.

Also the Competition Commission of India (CCI) has approved acquisition of certain real estate projects of RMZ Group and 100 per cent equity shareholding in CoWrks by Brookfield Private Capital (DIFC) Limited, under Section 31(1) of the Competition Act, 2002.

The acquiring entity will be a newly formed company belonging to Brookfield Private Capital (DIFC) Limited.

#BrookfieldPrivateCapital #CCI #CoWrks #RMZGroup #GHCLTextiles #GHCL
30-September-2020