On July 01 2025, the Competition Commission of India (CCI) has approved the following proposals:
i.Approved the proposal of Viggo Investment Pte Limited (GIC Investor) to acquire 2.143% stakes in Initial Public Offering (IPO)-bound Billionbrains Garage Ventures.
ii.Approved the proposal of Murugappa Group-backed Coromandel International Limited (CIL) to acquire certain equity shares in NACL Industries Limited.
iii.Approved the proposal of British International Investment plc (BII) to acquire a stake in ReNew Photovoltaics Private Limited(RPVPL).
CCI Approved Proposal of GIC Investors to Acquire Minority Stake in Groww
The CCI has approved the proposal of Viggo Investment Pte Limited (GIC Investor), subsidiary of Singapore based sovereign wealth fund, GIC (Ventures) Private Limited, to acquire minority stake in Initial Public Offering (IPO)-bound Billionbrains Garage Ventures, the parent company of Bengaluru (Karnataka) based investment tech unicorn Groww.
- As per the proposed arrangement, GIC Investor will acquire 2.143% shareholding in Bengaluru (Karnataka) based Billionbrains Garage Ventures Limited, pursuant to the execution of, inter alia, a Deed of Adherence and Share Subscription Agreement dated April 28, 2025.
- This investment by GIC is part of a larger funding round estimated at USD 250-300 million.
Key Points:
i.Singapore based Special Purpose Vehicle (SPV), Viggo Investment Pte Limited is a wholly-owned subsidiary of Enterprise Holding Pte. Limited, which in turn is a wholly-owned subsidiary of GIC (Ventures) Private Limited.
ii.Groww, a Securities and Exchange Board of India (SEBI)-regulated stockbroker, which through its affiliates operates an online trading platform and mobile application called ‘Groww’, which enables investors to invest in stocks and mutual funds and other financial instruments.
CCI Approved Coromandel International’s Stake Acquisition in NACL Industries
The CCI approved the proposal of Murugappa Group-backed Coromandel International Limited (CIL), a leading agri-solutions provider based in Secunderabad(Telangana), to acquire certain equity shares in Hyderabad (Telangana) based NACL Industries Limited (formerly known as Nagarjuna Agrichem Limited), a public listed company which operates in the agro-chemical sector.
- In March 2025, CIL announced the acquisition of a majority stake (53%) in NACL Industries Ltd. for Rs 820 crore.
i.It has proposed to make an open offer to the public to purchase up to 26% of the equity share capital in NACL Industries Ltd., as per the SEBI’s Substantial Acquisition of Shares and Takeovers (SAST) Regulations.
ii.The acquisition allows Coromandel to strengthen its foothold in the agrochemical sector, speed up product launches, and venture into contract manufacturing.
iii.NACL, a publicly listed company, operates in the agrochemical sector, providing crop protection solutions and manufacturing active ingredients.
CCI Approved British International Investment Plc to Acquire Stakes in ReNew Photovoltaics
The CCI approved the proposal of the United Kingdom(UK) based development finance institution, British International Investment plc (BII) which is wholly owned by the government of UK, to acquire stake in Delhi based ReNew Photovoltaics Private Limited(RPVPL), subsidiary of ReNew Energy Global Plc .
- The proposed deal involves BII, which supports private sector businesses in developing countries, investing in RPVPL by subscribing to its securities.
Key Points:
i.In June 2025, ReNew Energy Global Plc secured an investment of Rs 870 crore (nearly USD 100 million) from BII to drive the growth of its solar manufacturing business in India.
ii.RPVPL will use the investment to expand its manufacturing capacity through the construction of a new 4 Giga Watt (GW) TOPCon cell facility in Dholera, Gujarat.
- Following this expansion, ReNew’s total manufacturing capacity is expected to be around 6.4 GW of modules and 6.4 GW of cells.
Recent Related News:
In May 2025, CCI approved Mumbai (Maharashtra)-based wealth and asset management company, 360 ONE WAM Limited (360 ONE) (including its group entities) proposed combined acquisition of Batlivala & Karani Securities Private Limited, and Batlivala & Karani Finserv Private Limited.
