On December 23 2025, the Competition Commission of India (CCI) under the Ministry of Corporate Affairs (MCA), approved the following proposals:
- Acquisition of certain warrants of Federal Bank Limited by Asia II Topco XIII Pte Ltd., a subsidiary of Blackstone.
- Acquisition of full control in Tata BlueScope Steel Private Limited by Tata Steel Limited (TSL).
Exam Hints:
- What? Acquisition approved by CCI
- Approval-1: Asia II Topco XIII(Blackstone) acquires warrants of Federal Bank
- Stake: 9.99% stake of Federal Bank through warrants
- Approval-2: Acquisition of full control in Tata BlueScope Steel by TSL.
- Process: Purchase of remaining 50% stake from BlueScope Steel Asia Holdings
- Deal value: USD 130 million (≈ Rs.1,100 crore).
Acquisition of Certain warrants of Federal Bank by Asia II Topco XIII:
Approval: The CCI approved the proposal of Blackstone Inc., American private equity firm, to acquire certain warrants of Federal Bank Limited, India’s leading private sector bank, through its subsidiary Asia II Topco XIII Pte Ltd.
Acquisition Process: The proposed combination involves the acquisition of a certain stake of Federal Bank(Target) by Asia II Topco XIII Pte Ltd. (Acquirer) through warrants, each carrying a right to subscribe to one fully paid-up equity of share of the target.
Transaction Details: Following Federal Bank’s board approval in October 2025, Asia II Topco XIII will acquire warrants worth Rs.6,196.5 crore at Rs.227 per warrant, convertible into equity within 18 months, subject to shareholder and regulatory approvals.
Key Result: On complete exercise of the warrants, Blackstone through its arm Asia II Topco XIII will hold 9.99% of the paid-up capital share capital of Federal Bank (Target) on a fully diluted basis.
- After the completion of the transaction, Blackstone will have the right to nominate a director on the board of the bank subject as long as it holds a minimum 5% stake.
Acquisition of full control in Tata BlueScope Steel Pvt. Ltd. by TSL
Approval: The CCI has approved Tatal Steel Limited (TSL’s) proposal for acquisition of full control in Tata BlueScope Steel Pvt. Ltd, under the Competition Act, 2002.
Acquisition: As per the proposed deal, Tata Steel Limited (Acquirer) will acquire the remaining 50% stake in Tata BlueScope Steel Pvt. Ltd. (Target) held by BlueScope Steel Asia Holdings Pty Ltd (Seller) through its subsidiary Tata Steel Downstream Products Ltd (TSDPL) for up to USD 130 million (≈ Rs.1,100 crore).
- Following the completion of the transaction, Tata BlueScope Steel will become a 100%-owned subsidiary of TSL.
Acquirer: TSL is a publicly listed company, engaged in the production and sale of steel and related steel products across a wide range of sectors like: agriculture, automotive, construction, energy and infrastructure. It is also engaged in the mining of iron ore, and production of ore.
Target: Tata BlueScope is a 50:50 Joint Venture (JV) between BlueScope Steel Ltd (BlueScope Australia) and TSL.
About Competition Commission of India (CCI):
Chairperson- Ravneet Kaur
Headquarters- New Delhi, Delhi
Established- 2003
