The Competition Commission of India (CCI) approved the following proposals on 18 July 2024.
Acquisition of Ismartu India Private Limited by Dixon Technologies (India) Limited
The CCI has approved the acquisition of up to 56% shareholding of Ismartu India Private Limited (Target) by Dixon Technologies (India) Limited (Acquirer)
About the Acquirer:
i.The Acquirer, through its subsidiaries and Joint Ventures (JVs) in India, is involved in the business of providing Electronics Manufacturing Services (EMS).
ii.Its product line includes EMS for communication devices (mobile phones, laptops, etc.), and EMS for lighting solutions (Television, washing machines, etc.)
About the Target:
i.The Target is the Indian subsidiary of Ismartu In Pte. Limited.
ii.It is involved in the business of providing EMS, to the manufacturing of mobile phones, Printed Circuit Board Assembly (PCBA), and other related services.
Acquisition of Ordinary Shares of Berhyanda & Berhyanda MidCo by Platinum Poppy
The CCI has approved the acquisition of ordinary shares of Berhyanda Limited (Berhyanda) and Berhyanda MidCo Limited (Berhyanda MidCo) by Platinum Poppy C 2024 RSC Limited (Platinum Poppy).
- This acquisition will enable Platinum Poppy to secure an indirect non-voting economic interest in Suven Pharmaceuticals Limited (Suven), as Berhyanda holds 50.1% of Suven’s shares.
Note:
i.Berhyanda and Berhyanda MidCo are investment holding companies wholly owned by funds managed by Advent International, L.P.
ii.Suven was incorporated in 2018 in India and is a publicly listed company.
About Platinum Poppy:
i.Platinum Poppy is a Restricted Scope Company (RSC) incorporated in the Abu Dhabi Global Market (ADGM), established solely for investing in Berhyanda and Berhyanda MidCo.
ii.Abu Dhabi Investment Authority (ADIA) is the ultimate beneficiary of Platinum Poppy.
iii.ADIA is a public institution by the Government of the Emirate of Abu Dhabi and is an independent investment institution that manages a global investment portfolio across multiple asset classes.
Acquisition of Control of ASPL & AMSPL by Sandur Manganese & Iron Ores Limited and BAG Holdings Private Limited
The CCI has approved the acquisition of control of Arjas Steel Private Limited (ASPL) and, an indirect control of its wholly-owned subsidiary, Arjas Modern Steel Private Limited (AMSPL), by The Sandur Manganese & Iron Ores Limited (SMIORE) and BAG Holdings Private Limited (BHPL).
- SMIORE and BHPL, are collectively referred to as the Acquirers;
- ASPL and AMSPL are collectively referred to as the Target.
Key Points:
i.SMIORE is a listed company, and BHPL is an affiliate of SMIORE.
ii.BHPL is a recently incorporated company with no revenue-generating activities in India or worldwide.
iii.The Target is involved in the manufacturing and selling of steel products, heavy ingots, and certain other intermediate products.
About the Competition Commission of India (CCI):
CCI is a statutory body established in 2003 under the Competition Act of 2002 and has been operational since 2009.
Chairperson– Ravneet Kaur
Headquarters– New Delhi, Delhi
