CCI approves major mergers

The fair trade watchdog on 02-04-2024 released a series of press releases approving seven major acquisition proposals which include 100 per cent asset sales of well-known companies.

The CCI approved the acquisition of fully paid Series C CCPS (‘Subscription Shares’) representing approximately 6 per cent of the total issued and paid up share capital of the target, Northern Arc, an unlisted Indian NBFC, engaged in catering diverse retail credit requirements like lending, distribution and asset management services to under-served households and businesses in India by the International Finance Corporation, a member of the World Bank Group which helps countries achieve sustainable growth by financing investment, mobilizing capital and providing advisory services.

The fair trade watchdog approved the proposed acquisition of approximately 8 per cent of the share capital and 8.7 per cent of the voting and economic rights along with certain other rights of MG Motor India Pvt. Ltd., an automobile equipment and passenger cars manufacturer and seller also involved in after sale services by IndoEdge India Fund, a contributory determinate trust registered a Category II Alternative Investment Fund registered with SEBI.

AMG Entities (AM Green B.V, AM Green Ammonia Holdings B.V, AM Green Ammonia B.V and AM Green Ammonia (India) Pvt. Ltd.) newly incorporated entities currently not engaged in any business activities, being funded by 4 entities, namely, Baker Street Investment Pte. Ltd., a Singapore private listed company which is a part of a group of investment holding companies managed by GIC Special Investments Private Limited; Gentari International Renewables Pte. Ltd., a newly incorporated clean energy company controlled by the PETRONAS Group and Platinum Rock B 2014 RSC Limited, a global investor, proposed to acquire 100 per cent shareholding of Greenko ZeroC Private Limited, which is not currently engaged in any revenue generating business in India and the entire assets of Nagarjuna Fertilizers and Chemicals Limited, a public listed company specializing in urea manufacturing and micro irrigation projects, through an asset sale. CCI gave its approval for the transaction on 02-04-2024 with the detailed order to follow.

Piramal Alternatives Trust (‘PAT’), a fund management business providing customised financing solutions corporates through Piramal Credit Fund along with IndiaRF, a distressed asset investing platform which invests in equity and/or debt across non-real estate sectors, proposed to acquire 10.39 per cent shareholding of Annapurna Finance Private Limited (‘AFPL’), a classified NBFC micro finance institution providing microfinance to SMSEs in India, got CCI’s nod for the carrying out of the proposal. PAT also proposed subscription to AFPL in the form of certain debentures.

CCI approved the acquisition of 100 per cent equity stake of Sharekhan Ltd. and Human Value Developers Pvt. Ltd. (‘HVDPL’) collectively by Mirae Asset Capital Markets (India) Pvt. Ltd. (‘MACM’) and Mirae Asset Securities Co. Ltd, (‘MAS’), respectively.

Sharekhan Ltd. engages in stock broking, commodities/currency derivatives broking and related products and services along with distribution activities for third party providers, portfolio management and research analysis. HVDPL is an investment holding company that holds certain stake in Sharekhan Ltd. and does not undertake any other business activity. MAS is publicly listed on the Korea Exchange primarily engaging in wealth management, investment banking, sales and trading, and principal investment amongst other activities. MACM is a wholly owned subsidiary of MAS which offers services in broking, advisory, and investment banking to various retail and institutional clients in India.

CCI approved the subscription of compulsorily convertible preference shares of Pritam International Private Limited (‘PIPL’) by India Advantage Fund S5 I (‘IAF S5 I’), HCL Corporation Private Limited (‘HCL Corp’), Mirabilis Investment Trust (‘Mirabilis’). PIPL is engaged in contract manufacturing and formulations of various products including beauty, personal, home care, fragrance, and pharmaceuticals. IAF S5 I is a category II Alternative Investment Funds with ICICI Venture Funds Management Company Limited as its investment manager. Mirabilis Investment Trust is a registered trust not part of any group.

CCI also approved the subscription to 14.26 crores equity shares of Max Life Insurance Company Limited by Axis Bank Limited.

Source: Press Release

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