CCI Approvals on 27 August 2025

On 27th August 2025, the Competition Commission of India (CCI) under the Ministry of Corporate Affairs (MoCA) approved the following proposals:

• Acquisition of PSA Bharat Investments by PSA India
• Acquisition of JAL by Adani Group Entities
• Acquisition of V.I.P. Industries Limited by Multiples Private Equity Funds

Acquisition of PSA Bharat Investments by PSA India:
Approval: The CCI approved PSA India Private Limited’s (acquirer) acquisition of an additional 40% shareholding in PSA Bharat Investments Private Limited (target) from AIN Investment Limited (seller).
Post-Acquisition Ownership: PSA India now holds 100% equity in PSA Bharat Investments.

PSA India: A Singapore-based company and subsidiary of one of the world’s largest port groups PSA International Private Limited (formerly Port of Singapore Authority), holds investments in India’s maritime supply chain companies.
PSA Bharat Investments: A Singapore-based investment holding company, owns Indian subsidiaries that provide Container Terminal Services in India.
AIN Investment Ltd.: A Singapore-based investment holding company engaged in managing equity stakes across multiple entities.

Acquisition of Jaiprakash Associates Limited by Adani Group Entities:

Approval: The CCI approved the acquisition of up to 100% shareholding of Jaiprakash Associates Limited (JAL) (Target) by Adani Enterprises Limited (AEL) and Adani Infrastructure and Developers Private Limited (AIDPL), or other Adani Group entities (acquirers).

Corporate Insolvency:JAL is undergoing Corporate Insolvency Resolution Process (CIRP) under Insolvency and Bankruptcy Code (IBC), 2016, directed by National Company Law Tribunal (NCLT), Allahabad Bench in Uttar Pradesh (UP).

Adani Group Entities: It include AEL, the flagship company of the Group, and AIDPL, a wholly owned subsidiary of Adani Properties Private Limited serving as the holding company for its realty businesses.

JAL: UP-based JAL is a diversified infrastructure conglomerate with business interests across engineering & construction, cement, power, real estate, fertilizers, hospitality, and sports.

Acquisition of V.I.P. Industries Limited by Multiples Equity-led consortium:
Approval: The CCI approved the proposal of a consortium led by Multiples Equity, including Multiples Private Equity Fund IV (MPEF), Multiples Private Equity Gift Fund IV (MPGF), Samvibhag Securities Private Limited, Mithun Padam Sacheti, and Siddhartha Sacheti (acquirers) to acquire up to 32% stake in V.I.P. Industries Limited (Target).

Management Transition: Upon completion of the acquisition, the consortium will take over management control of VIP Industries, while Dilip Piramal will continue to serve as Chairman Emeritus, with the Piramal family retaining their role as investors.

MPEF: Category II Alternative Investment Fund (AIF) registered with Securities and Exchange Board of India (SEBI) and managed by Multiples Alternate Asset Management Private Limited.
MPGF: Registered with the International Financial Services Centres Authority (IFSCA), managed by Multiples Asset Management International Financial Services Centre (IFSC) Limited Liability Partnership (LLP).
Samvibhag Securities: Investment entity, portfolio company of Akash Bhanshali.

• V.I.P. Industries: It is a listed Indian company engaged in the manufacture and sale of luggage, handbags, and travel accessories.

Recent Related News:
In July 2025, the CCI has approved the acquisition of the remaining 51% stake held by Nissan in Renault Nissan Automotive India Private Limited (RNAIPL)(Target) by Renault Group B.V. (Acquirer 1) and its nominee, Renault S.A.S. (Acquirer 2).

With this acquisition, Renault now holds full (100%) ownership of the Indian joint venture (JV), which operates a large vehicle manufacturing facility in Oragadam, near Chennai, Tamil Nadu(TN).