The Competition Commission of India (CCI) approved the following proposals on 3 September 2024.
Acquisition of Balance 51% Shareholding in RNSSPL by RHL
The CCI has approved the acquisition of the remaining 51% shareholding (on a fully diluted basis) in Rane NSK Steering Systems Private Limited (RNSSPL) by Rane Holdings Limited (RHL) by way of a share purchase from NSK Limited (Japan).
Note: RNSSPL is a Joint Venture (JV) between RHL (49%) and NSK limited (51%).
Key Points:
i.RHL through its subsidiaries and JVs involved in manufacturing automotive components for various segments, including passenger vehicles, commercial vehicles, and more.
ii.RNSSPL is engaged in manufacture and supply of steering columns and related components of the steering column.
Acquisition of Shareholding of Actis Holdings S.à r.l. by GAP Arthur Holdco, L.P.
The CCI has approved the acquisition of 100% shareholding of Actis Holdings S.à r.l. by GAP Arthur Holdco, L.P.
- GAP Arthur Holdco, L.P., GA Infrastructure Rollover Holdings, L.P., and General Atlantic Partners, L.P. are affiliated with General Atlantic investment funds.
- General Atlantic is a global growth capital firm that provides capital and strategic support to growing businesses.
Key Points:
i.The affiliates of Actis Holdings S.à r.l. manages a group of investment funds.
ii.Actis is a sustainable infrastructure investor, investing globally in Energy Infrastructure, Long Life Infrastructure, Digital Infrastructure, etc.
Acquisition of Shareholding in Utkarsh CoreInvest Ltd by Citrine Inclusion Ltd
The CCI has approved the acquisition of shareholding in Utkarsh CoreInvest Limited (Utkarsh CoreInvest) by Citrine Inclusion Limited (Citrine).
Key Points:
i.Citrine is a newly incorporated company owned and controlled by a fund managed by LeapFrog Group GP, Limited (LeapFrog).
- LeapFrog is a private equity firm focused on social impact investments.
ii.Utkarsh CoreInvest is a registered Core Investment Company (CIC) and serves as the holding company for Utkarsh Small Finance Bank Limited (USFBL).
Additional Acquisition of Unitholding by 2452991 Ontario Ltd in Highway Infrastructure Trust
The CCI has approved the proposed acquisition of additional unitholding in Highway Infrastructure Trust (Target Trust) by 2452991 Ontario Limited’s (OTPP 1/Acquirer).
About OTPP 1:
i.Canada-based OTPP 1 is a wholly-owned subsidiary of the Ontario Teachers’ Pension Plan Board (OTPPB).
ii.OTPPB manages pension benefits and investments for around 340,000 teachers in Ontario, Canada.
iii.OTPPB invests globally across various assets, including equities, fixed income, infrastructure, and real estate.
About Highway Infrastructure Trust
i.The Highway Infrastructure Trust is an irrevocable trust under the Indian Trusts Act of 1882.
ii.It is registered as an Infrastructure Investment Trust (InvIT) with the Securities Exchange Board of India (SEBI) and operates under SEBI’s InvIT Regulations of 2014.
iii.Highway Concessions One Private Limited is the investment manager of the Target Trust as per InvIT Regulations.
About the Competition Commission of India (CCI):
Chairperson– Ravneet Kaur
Headquarters– New Delhi, Delhi
Established– 2003
Operational from– 2009
