The Competition Commission of India (CCI) has approved the acquisition of controlling stakes in Reliance Capital Limited (RCL) by IndusInd International Holdings Limited (IIHL), IIHL BFSI (India) Limited (IIHL BFSI), and Aasia Enterprises LLP (Aasia).
- At present, RCL is going through insolvency resolution proceedings initiated under the Insolvency and Bankruptcy Code (IBC).
- Post transaction, IIHL along with other entities, will have a controlling stake in RCL.
Target: RCL
Acquirer: IIHL; IIHL BFSI and Aasia
Note: Mauritius-based IIHL is a Global Business License (Category 1) licensee company.
Points to note:
i.In July 2023, IIHL announced a USD 1.5-billion capital-raising plan to fund the acquisition of RCL and decided to increase its holding in RCL from 15% to 26%.
ii.In November 2021, the Reserve Bank of India (RBI) superseded the board of Reliance Capital given payment defaults and serious governance issues.
About RCL:
i.RCL, a part of Reliance Group, was incorporated in 1986 at Ahmedabad in Gujarat as Reliance Capital & Finance Trust Limited.
ii.RCL is a Non-Banking Financial Company (NBFC) Core Investment Company
(CIC) – Non-Deposit Taking Systemically Important (ND-SI) under Section
45-IA of the Reserve Bank of India Act, 1934.
Headquarters– Mumbai, Maharashtra
CCI approves acquisition stake in Dilip Buildcon by Alpha Alternatives Group
CCI approved the acquisition of a 9.99 % equity stake in Dilip Buildcon Limited (DBL) by Alpha Alternatives Holdings Pvt Ltd (AAHPL) and its other entities.
- CCI also approved the acquisition of 26% equity shareholding and investment in certain non-convertible debentures (NCDs) in DBL’s Special Purpose Vehicles (SPVs) by AAHPL along with its affiliates.
About the acquisition:
i.The acquisition happens by the way of subscription to warrants by Alpha Alternatives Holdings Private Limited (AAHPL) and its other entities.
ii.The SPVs operate Hybrid Annuity Model (HAM) projects (constructed and under-construction projects) engaged in the road infrastructure sector in India.
PCBL Ltd received CCI Approval for Aquapharm Chemicals Acquisition
The Competition Commission of India (CCI) has approved the proposal made by Kolkata (West Bengal) based PCBL Limited (formerly known as Phillips Carbon Black Limited) to acquire 100% paid-up share capital in Pune-based Aquapharm Chemicals Private Limited (ACPL).
- The deal is of worth Rs 3,800 crore and was approved under the Green Channel route.
Green Channel route:
Under the green channel route, a transaction that does not pose any risk to the competition is deemed to be approved on being intimated to the fair-trade regulator.
About IndusInd International Holdings Limited (IIHL):
President & CEO – Moses Harding John
Chairman – Srichand P. Hinduja
Headquarters – Ebene, Mauritius
