1. PRESS RELEASE No. 49/2020-21

By way of the Competition Commission of India (Procedure in regard to the Transaction of Business relating to Combinations) Amendment Regulations, 2020, the Commission has deleted paragraph 5.7 of Form I, one of the formats prescribed for notification of proposed combinations. This was with a view to relax disclosure requirements regarding noncompete restrictions, entered into as a part of combinations. In this regard, the Commission has further withdrawn the Guidance Note on Non-compete restrictions.

Read The Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011 & Notes to Form I

2. CCI approves acquisition by TPG Growth V SF Markets Pte. Ltd. (“TPG/Acquirer”) of 8% (approx.) of the equity shareholding of API Holdings Private Limited (“API/Target”) under Section 31(1) of the Competition Act, 2002

The Acquirer is a newly incorporated special purpose investment vehicle in Singapore and as on date, it does not have any physical presence and investments in India. The Acquirer would be jointly funded by TPG (i.e. TPG Global, LLC and its affiliates) and Korean Investment Corporation.

API Holdings is a company incorporated in India and is the ultimate parent entity of the API Holdings group. API Holdings, either directly or through its subsidiaries, will carry out various business activities inter alia including:

(a) wholesale sale and distribution of drugs (including pharmaceutical products, medical devices and over the counter (OTC) drugs);

(b) provision of transportation services primarily focused on the pharmaceutical sector;

(c) owning technology and intellectual property for developing e-commerce platforms including marketplaces for facilitating the sale of pharmaceutical products, medical devices and OTC drugs;

(d) manufacturing (through contract manufacturing) and marketing of pharmaceutical, ayurvedic and nutraceutical products, medical devices, hygiene products, life-saving medicines, herbal products and food supplements.

3. CCI approves acquisition by Jamnalal Sons Private Limited (“JSPL/Acquirer”) of 51% of equity share capital of Mukand Sumi Special Steel Limited (“MSSSL/Target”) under Section 31(1) of the Competition Act, 2002

The proposed combination entails the acquisition of 51% of the equity share capital of MSSSL from Mukand Limited (“Mukand”) and its nominees by JSPL. Both JSPL and Mukand are part of the same group. A nominal number equity shares of MSSSL (not more than 60), which are being acquired by JSPL, shall be held jointly by JSPL and certain individuals, to comply with the minimum shareholding requirements under the Companies Act, 2013.

JSPL is an unregistered core investment company holding shares in various Bajaj Group Companies. JSPL is primarily an investment and lending company and is not engaged in the manufacturing or trading of any goods.

MSSSL is engaged in the business of manufacturing, marketing, selling, distribution etc. of special and alloy steel hot rolled bars and hot rolled wire rods.

4. CCI approves acquisition of shares of Odisha Power Generation Corporation Ltd (OPGC) by Odisha Hydro Power Corporation Limited (OHPC) under Section 31(1) of the Competition Act, 2002.

OHPC is a PSU wholly-owned and controlled by the Government of Odisha. It is engaged in the business of generation of power from renewable sources namely, hydroelectric and solar power.

OPGC is a state-owned joint venture enterprise with Government of Odisha holding 51% shareholding and the remaining 49% shareholding held by AES Corporation, U.S.A through AES OPGC Holding and AES India Private Limited. It is engaged in the business of generation of power from coal based thermal power plants as well as mini hydro power projects.

The proposed combination involves the acquisition by OHPC of 49% equity shares in OPGC from AES OPGC Holding and AES India, pursuant to the Share Sale and Purchase Agreement.

5. CCI approves acquisition of certain assets of the Prestige Group by affiliates of Blackstone Group Inc.

The principal activity of the Acquirers viz affiliates of Blackstone Group Inc, is that of investment holding and related activities. However, at present, they do not have any business operations, in India or worldwide. The Acquirers are affiliates of funds advised or managed by the affiliates of The Blackstone Group Inc.

The Target Entities are engaged in the business of real estate development in India. They have a diversified portfolio of real estate development projects in key segments such as residential, commercial and hospitality across several cities in India.

6.  PRESS RELEASE No. 44/2020-21

Pursuant to stakeholders’ consultation and detailed examination of the efficacy of the present framework for examination of non-compete restrictions, entered into as a part of combinations, the Commission has decided to dispense certain disclosure requirements in the combination notices. Parties to combination are no more required to give separate details regarding their non-compete restrictions, in the combination notice. In this regard, CCI has omitted item 5.7 of Form I of Schedule II to the Combination Regulations.


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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May 2021