On August 19, 2025, the Competition Commission of India (CCI) under the Ministry of Corporate Affairs (MoCA) has approved the following proposals:
- Acquisition of all outstanding shares of the Skechers U.S.A, Inc. by 3G Capital Partners and investment by Kakapo Investment Pte. Ltd.
- Acquisition of certain shareholding of Micro Life Sciences Pvt. Ltd. (MLSPL) by Platinum Jasmine A 2018 Trust.
- Acquisition of remaining 49% shareholding of Island Star Mall Developers Private Limited (ISMDPL) by The Phoenix Mills Limited (PML) for Rs.5,449.16 crore.
- Acquisition of certain equity stake in Quest Global Services Pte. Ltd. (QGSPL) by CA Plume Investments and Bequest Inc(BI).
Exam Hints:
- What? Acquisitions approved by CCI
- Approval 1: 100% of Skechers U.S.A by 3G capital
- Approval 2: Shares of MLSPL by Platinum Jasmine A 2018 Trust
- Approval 3: 49% of ISMDPL by PML or Rs.5,449.16 crore
- Approval 4: Shares of QGSPL by CA Plume Investments and Bequest Inc
Acquisition of Skechers U.S.A by 3G Capital :
Approval: The CCI has approved the indirect acquisition of the United States of America(USA) based Skechers U.S.A, Inc by affiliates of investment funds managed by 3G Capital Partners LP (3G Capital) i.e., the Beach Acquisition Co Parent, LLC (Beach Parent) and Beach Acquisition Merger Sub, Inc. (Beach Merger Sub).
Investment: GIC Investors, via its investment arm Kakapo Investment, will infuse capital to partly finance the 3G Transaction, granting it certain rights in Skechers U.S.A., Inc.
3G Capital: It is a global investment firm and private partnership that was established in 2004 and has been built on an owner-operator approach to investing over a long-term horizon.
GIC Investor: Wholly owned by GIC Blue Holdings, GIC Investor is part of the broader GIC ecosystem, Singapore’s sovereign wealth fund.
Skechers U.S.A: The entity operates in the footwear, apparel and accessories sector.
Acquisition of MLSPL by Platinum Jasmine:
Approval: The CCI has approved the proposed acquisition of certain shareholding in Micro Life Sciences Pvt. Ltd. (MLSPL) by Platinum Jasmine A 2018 Trust, acting through its trustee Platinum Owl C 2018 RSC Limited.
Transaction Structure: The Platinum Jasmine A 2018 trust will subscribe to:
- Certain equity shares proposed to be issued by the MLSPL.
- Certain equity shares from Bilakhia Holdings Pvt. Ltd., amounting to approximately 3.06% shareholding in Micro Life Sciences Pvt. Ltd.
Platinum Jasmine A 2018 Trust: It is an investment entity owned and controlled by the Abu Dhabi Investment Authority(ADIA).
MLSPL: Gujarat-based company specializing in the manufacture and sale of medical devices, including stents, heart valves, orthopaedic implants, and diagnostic products
Acquisition of Island Star Mall Developers by The Phoenix Mills:
Approval: The CCI approved The Phoenix Mills Ltd.’s (PML) proposal to acquire the remaining 49% stake in Island Star Mall Developers Pvt Ltd (ISMDPL) from the Canada Pension Plan Investment Board (CPP Investments) for Rs.5,449.16 crore.
Post-Acquisition Ownership: Following the transaction, Phoenix Mills will gain full control of ISMDPL, increasing its stake to 100%.
PML: It is a leading developer and operator of commercial and retail spaces in India.
ISMDPL:It is engaged in designing, developing, operating, and leasing retail and commercial properties, along with its subsidiaries.
Acquisition of equity in QGSPL:
Approval: The CCI has approved the acquisition of certain shareholdings of QGSPL by the CA Plume Investments, an investment vehicle linked to The Carlyle Group, and Bequest Inc.(BI).
QGSPL: It is a company incorporated and currently headquartered in Singapore, that is primarily engaged in the business of providing Engineering Research & Development (ER&D) services worldwide.
CA Plume Investments: Incorporated in Mauritius, CA Plume is indirectly controlled by funds managed by affiliates of The Carlyle Group Inc., a leading global alternative asset manager.
Bequest Inc.(BI): Incorporated in the Cayman Islands, BI is a holding entity owned by Ajit Aravind Prabhu (AAP), Chairman, CEO, and co-founder of Quest Global. Its sole purpose is to hold shares in the company
Recent Related News:
On 18 July 2025, the National Company Law Tribunal (NCLT), Ahmedabad Bench in Gujarat, approved the merger of Adani Cementation Limited (ACL), a wholly owned subsidiary of Adani Enterprises Limited (AEL) into Ambuja Cements as a significant step to combine the cement and infrastructure businesses of the Adani Group as one unit. NCLT announced April 1, 2024, as the effective date of the merger.
