1. PRESS RELEASE No. 50/2020-21 – 8.01.2021 

CCI approves acquisition of 100% shareholding of the Columbia Asia Hospitals Private Limited by Manipal Health Enterprises Private Limited.

Manipal Health Enterprises Private Limited (Acquirer/MHEPL) is a part of Manipal Educational and Medical Group, operating a network of hospitals, providing multi-specialty care. Its focus is to develop an affordable, high quality healthcare framework through its multi-specialty and tertiary care delivery spectrum and further extend it to homecare. MHEPL is not engaged in any business activity outside India, except in Malaysia.

Columbia Asia Hospitals Private Limited (Target/CAHPL) is a private healthcare company providing high quality, affordable, accessible health care and began its operations in India in 2005. CAHPL operates a chain of eleven multi-specialty hospitals and one tele radiology business. CAHPL is not engaged in any business activities outside India. However, it is a part of International Columbia US LLC, an international healthcare group, which operates a chain of modern hospitals across India, China and Africa.

2. PRESS RELEASE No. 51/2020-21 – 11.01.2021

CCI approves acquisition by Total SE (‘Total/Acquirer’) through its subsidiary Total Renewables SAS in share capital of Adani Green Energy Limited (“AGEL”) under Section 31(1) of the Competition Act, 2002, today.

The Proposed Combination entails minority investment by Total SE, through its wholly owned subsidiary Total Renewables SAS, in AGEL which is the renewable energy arm of the Adani Group.

Total SE is the ultimate parent entity of the Total Group. Total SE (along with its subsidiaries and affiliates) (Total Group) is an international integrated energy producer with operations in every sector of the oil and gas industry. Total Group is also involved in the renewable energy and power generation sectors.

AGEL is a public listed company incorporated in India, listed on the BSE Limited and National Stock Exchange of India Limited. AGEL is engaged in power generation through renewable energy in India (i.e. through solar and wind energy). AGEL is also engaged in the business of development of solar parks.

3. PRESS RELEASE No. 52/2020-21 – 11.01.2021

CCI approves the Proposed Combination relating to the acquisition of 100% equity interest and joint control in Virtusa Corporation by Austin HoldCo., GIC Investor and CPPIB Investor

The Proposed Combination relates to the acquisition of 100% equity interest and joint control in Virtusa Corporation (Virtusa) by Baring Private Equity Asia (BPEA) (through Austin HoldCo.), Atago Investment Pte Ltd. (GIC Investor) and CPP Investment Board Private Holdings (4) Inc. (CPPIB Investor).

Austin HoldCo is a company incorporated in Delaware. It is presently not engaged in any business activity. BPEA is an international private equity firm with a focus on private equity investments in Asia.

GIC Investor is wholly-owned by Apstar Investment Pte Ltd, which in turn is wholly-owned by GIC (Ventures) Private Limited. GIC Investor is a special purpose vehicle organized as a private limited company in Singapore that is part of a group of investment holding companies managed by GIC Special Investments Private Limited.

CPPIB Investor is a Canadian corporation and is a wholly-owned subsidiary of Canada Pension Plan Investment Board. It is an investment holding company and invests in a diversified portfolio of assets.

Virtusa is a global information technology services company. Virtusa, through its subsidiaries, is engaged in the provision of IT services, including application outsourcing services, business and IT consulting services, technology implementation services, systems integration, digital engineering, cloud solutions, etc., in India.

4. PRESS RELEASE No. 53/2020-21 – 11.01.2021

CCI approves acquisition of stake in Ecom by PG Esmeralda

The proposed combination envisages acquisition of stake in Ecom Express Private Limited (Ecom) by PG Esmeralda Pte. Limited (PG Esmeralda).

PG Esmeralda is controlled by investment entities that are ultimately controlled by Partners Group AG or its affiliates (Partners Group). Partners Group is said to be a global private market investment manager, headquartered in Switzerland. It invests in a variety of companies in sectors such as IT and IT enabled services, healthcare, real estate, consumer products, banking and non-banking financial services.

Ecom is a company incorporated in India. It carries on the business of providing third party logistics (3PL) services in India.

5. PRESS RELEASE No. 54/2020-21 – 20.01.2021

CCI approves acquisition of a minority stake in Aditya Birla Fashion and Retail Limited (ABFRL) by Flipkart Investments Private Limited (FIPL)

FIPL is a newly incorporated company and is a wholly owned subsidiary of Flipkart Private Limited (FPL). FPL belongs to the Walmart Group, which comprises Walmart Inc. (Walmart) and its affiliates. The Walmart Group undertakes various business activities in India, such as wholesale trading of products, providing e-commerce marketplace services and digital payments services.

ABFRL is a public limited company incorporated in India and is part of the Aditya Birla conglomerate. ABFRL (including through its subsidiaries) is engaged in the business of manufacturing and retailing branded apparels, footwear and accessories, through its retail stores, multi-brand outlets, departmental stores, online retail platforms and e-commerce marketplaces, across India.

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

6. PRESS RELEASE No. 55/2020-21 – 20.02.2021

CCI approves 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, today.

The Proposed Combination relates to 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.

ISSS II is a scheme of the India Special Situations Trust, an Alternative Investment Fund, registered with the Securities and Exchange Board of India (“SEBI”) under the SEBI (AIF) Regulations, 2012.

IOV is registered as Foreign Portfolio Investor (“FPI”) under the SEBI (FPI) Regulations, 2019 and holds a Category I Foreign Portfolio Investor license.

ACRE is an Asset Reconstruction Company (“ARC”) under the provisions of the Securitization and Reconstruction of the Financial Assets and Enforcement of Security Interest Act, 2002, registered with the RBI. It is engaged in asset reconstruction and acquisition and revival of non-performing financial assets from banks and other financial institutions.

Ares SSG Group is an alternative asset management firm, founded in 2009, focused on investing in the Asia Pacific region, and is one of Asia’s leading alternative credit asset managers.

Altico is an NBFC, which was engaged in providing loans and financing to small and medium sized corporates in the real-estate sector in India.

7. PRESS RELEASE No. 56/2020-21 – 20.01.2021

CCI approves the acquisition of stake by Axis Bank Limited, Axis Capital Limited and Axis Securities Limited in Max Life Insurance Company Limited.

Axis Bank Limited provides services in retail banking, which includes retail lending and retail deposits, wholesale banking, payment solutions, wealth management, forex and remittance products, distribution of mutual fund schemes and distribution of insurance policies.

Axis Capital Limited is engaged in the business of providing focused and customized solutions in the areas of investment banking and institutional equities.

Axis Securities Limited is engaged in the business of broking, distribution of financial products and advisory services.

Max Life Insurance Company Limited is Life Insurance company registered with Insurance Regulatory and Development Authority of India (IRDAI). It is engaged in the business of providing life insurance and annuity products and investment plans in India.

The proposed combination approved by CCI relates to increase of shareholding in Max Life Insurance Company Limited (Target) to approximately 9.9% by Axis Bank Limited and acquisition of 2% and 1% shareholding in the Target by Axis Capital Limited and Axis Securities Limited respectively.

8. PRESS RELEASE No. 57/2020-21 – 28.01.2021

CCI approves acquisition of Indo Gulf Fertilisers by Indorama India Private Limited (IIPL) under Section 31(1) of the Competition Act, 2002, today.

The proposed combination relates to the acquisition by IIPL of Indo Gulf Fertilizers (‘Target Business’) viz. 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 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 manufacture, trade and sale of urea, customised fertilisers, agri-inputs, crop protection, plant and soil health products and specialty fertilizers.

Author – CS Nilesh Kelkar, from Mumbai and can be contacted at [email protected]).

Disclaimer: The contents of this article are for information purposes only and do not constitute an advice or a legal opinion and are personal views of the author. It is based upon relevant law and/or facts available at that point of time and prepared with due accuracy & reliability. Readers are requested to check and refer relevant provisions of statute, Rules, Regulations, Press Release, latest judicial pronouncements etc. before acting on the basis of the above write up.  The possibility of other views on the subject matter cannot be ruled out. By the use of the said information, you agree that Author / TaxGuru is not responsible or liable in any manner for the authenticity, accuracy, completeness, errors or any kind of omissions in this piece of information for any action taken thereof. This is not any kind of advertisement or solicitation of work by a professional.

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