2 November, 2017
CCI Approves the Proposed Acquisition by Green Boat Investment Ltd.18
On August 8, 2017, CCI approved acquisition by Green Boat Investment Ltd. (‘Green Boat’) of 43.35% shares of Tata Technologies Limited (‘ TTL’) from existing shareholders of TTL. The proposed acquisition further envisaged acquisition by Green Boat and TTL of additional shares (up to 5.55%) each from other shareholders of TTL so that each have the same level of shareholding in TTL. CCI observed that Green Boat is a Mauritius based investment holding company that does not have any investments in India. Its shareholders are private equity funds managed by Warburg Pincus LLC (‘ WP’). CCI noted that there are no horizontal overlaps between Green Boat and TTL, and while some of the portfolio companies of WP are engaged in information technology – business, process management services in India, its presence is insignificant to raise competition concerns. Based on the information submitted, CCI concluded that the proposed combination is not likely to cause an AAEC in India.
CCI Approves the Acquisition of Stake in ANI Technologies Private Ltd.19
On September 1, 2017, CCI approved acquisition by Copper Technology Pte. Ltd., a subsidiary of Aceville Pte. Ltd. (‘Aceville’) of 9.57% fully diluted share capital of ANI Technologies Private Ltd. (‘ ANI’) along with the right to appoint a non-executive director on the board of ANI. Tenscent Holdings Ltd. (‘Tenscent’) is the ultimate parent company of Aceville, engaged in provision of value added services and online advertising services to users in China. ANI is engaged in providing internet and mobile technology platforms for taxi hailing (OLA). CCI observed that the existing overlap between ANI’s Ola Money and one of Tenscent’s portfolio company’s PhonePe to be insignificant in the activity of mobile wallets in India and concluded that the proposed acquisition is not likely to cause an AAEC in India.
17 Case No. 48 of 2016
18 Combination Registration No. C-2017/07/521
19 Combination Registration No. C-2017/08/525
For further information, please contact:
Zia Mody, Partner, AZB & Partners
zia.mody@azbpartners.com
