CCI approvals on January 7 2025

On January 7 2025, the Competition Commission of India (CCI) has approved the following proposals:

i.Tata Electronics Private Limited (TEPL), a wholly-owned subsidiary of Tata Sons, to acquire a majority stake in Apple’s contract manufacturer Pegatron Technology India Private Limited(Pegatron India), a subsidiary of Taiwan based Pegatron Corporation Limited.

ii.Malaysia based Gentari Renewables India Management Private Limited to acquire 21 Special Purpose Vehicles (SPVs) owning renewable power generation plants, along with the holding companies of certain SPVs.

iii.The United States of America (USA)-based global investment firm CA Carob Investments to acquire up to 68.9% stake in Roop Automotives Limited (RAL), a key player in India’s automotive components industry.

CCI approves TEPL to acquire majority stake in Pegatron India

i.The CCI has approved TEPL proposal to acquire a majority stake in Pegatron India.

• This acquisition is a significant step for TEPL which specializes in Electronics Manufacturing Services (EMS), particularly for smartphones.
• The transaction was structured in 2 phases, including the transfer of TEL Components Private Limited’s business to Pegatron India.

ii.TEPL, through Tata Electronics Systems Solutions (TESS) (formerly known as Wistron Infocomm Manufacturing (India) Private Limited), was also engaged in the provision of EMS for smartphones.

Points to Note:

i.TEPL had earlier acquired the iPhone unit of Taiwanese firm ‘Wistron’ in Bengaluru (Karnataka) for USD 125 million in November 2023.

• It is also building another plant in Hosur in Tamil Nadu.

ii.Pegatron India provides EMS to Apple Inc., with exports to North America (NA), Asia and Europe.

CCI approves Gentari Renewables India’s acquisition of 21 SPVs:

i.The CCI has given its approval for Gentari Renewables India Management Private Limited to acquire 21 Special Purpose Vehicles (SPVs) that own Renewable Energy(RE) plants.

• These SPVs are engaged in generating and selling power through wind turbines and solar power plants.
• Along with these SPVs, the holding companies of certain SPVs will also be acquired by Gentari Renewables India.

ii.Gentari (the acquirer) is an indirect subsidiary of Petroliam Nasional Berhad (Petronas), a Malaysian multinational oil and gas company, which is focused on delivering clean energy solutions.

• The company’s core pillars include renewable energy, hydrogen, and green mobility.

iii.This strategic acquisition strengthens Gentari’s RE portfolio, contributing to India’s sustainable energy goals and boosting investments in clean energy infrastructure.

CCI approves the acquisition of 68.9% stake in Roop Automotives by CA Carob Investments

i.The CCI has approved CA Carob Investments’ proposal to acquire up to 68.9% stake in Roop Automotives Limited (RAL).

• This acquisition involves interconnected steps, including a securities swap between Highway Industries Limited (HIL) shareholders and RAL, ultimately leading to the acquisition by CA Carob Investments.

ii.The acquisition boosts RAL’s growth, enhancing its operational scale and India’s goal of Atmanirbhar Bharat (self-reliance), contributing to the development of the auto-components sector.

iii.CA Carob Investments (Investor) is a SPV based in Mauritius, controlled by affiliates of the global investment firm Carlyle Group Inc.(Carlyle).

iv.RAL and HIL manufactures and sells auto-components, with a strong presence in both domestic and international markets.

About Competition Commission of India (CCI): 
It is a statutory body constituted under Competition Act, 2002.
Chairperson- Ravneet Kaur
Headquarters- New Delhi, Delhi
Established- 2003