On March 4, 2025, the Competition Commission of India (CCI) has approved the following proposals:
i.Singapore based TPG Scion Singapore Private Limited acquired a stake in Pune (Maharashtra) based Schott Poonawalla Private Limited (SPPL) by a secondary purchase from Pune (Maharashtra) based Serum Institute of India (SII) Private Limited.
ii.Ahmedabad (Gujarat) based Adani Infra (India) Limited (AIIL), a subsidiary of Adani Enterprises Limited, acquired a 30.07% equity stake in Ahmedabad (Gujarat) based PSP Projects Limited (PSP Projects) for Rs. 685.36 crore.
iii.Mumbai (Maharashtra) based Ambuja Cements Limited (ACL), acquired up to 72.8% stake in New Delhi (Delhi) based Orient Cement Limited (OCL).
iv.Shell Deutschland GmbH, a subsidiary of the global energy company Shell Plc, based in the Netherlands and Shell Overseas Investments B.V. acquired 100% of Mumbai (Maharashtra) based Raj Petro Specialities Private Limited.
v.France based Roquette Frères S.A acquired the Pharma Solutions and specific product lines from the Nourish segment of the United States of America (USA) based International Flavors & Fragrances Inc. (IFF)
vi.Florida(the USA) based Alpha Wave Ventures II, LP acquired a 12.44% stake in Mumbai (Maharashtra) based Advanta Enterprises Limited.
vii.Mumbai (Maharashtra) based JSW (Jindal South West) Energy Limited (JSWEL)acquired a 100% shareholding in Hyderabad (Telangana) based KSK Mahanadi Power Company Limited for nearly Rs. 16,000 crore.
CCI Approves Singapore’s TPG Stake Acquisition in SPPL from SII:
i.CCI granted approval for TPG Scion Singapore Private Limited to acquire a stake in SPPL by a secondary purchase from SII Private Limited.
ii.TPG Scion Singapore Private Limited, a newly incorporated Special Purpose Investment Vehicle (SPV) in Singapore, has no operations in India yet. It is part of the TPG Group (formerly known as Texas Pacific Group), a global investment firm founded in 1992.
iii.SPPL is a 50:50 Joint Venture(JV) between SII and Schott Pharma AG & Co. KGaA which is part of German speciality glass firm Schott AG.
- SPPL specializes in manufacturing sterile and non-sterile glass containers such as ampoules, vials, cartridges, and syringes used for pharmaceutical packaging.
CCI Approves AIIL Acquisition of 30.07% Equity Stake in PSP Projects :
i.The CCI approved AIIL to acquire a 30.07% equity stake in PSP Projects Limited (PSP Projects), from one of its promoters Prahaladbhai S. Patel, the company’s lead promoter, for Rs. 685.36 crore (approximately USD 81.2 million).
ii.Regulatory Approval: CCI approved this acquisition, ensuring that both AIIL and the existing promoters will hold equal shareholding post-transaction.
iii.Open Offer: Following the share purchase, AIIL initiated an open offer to acquire an additional 26% stake from public shareholders, valued at approximately Rs.662 crore.
Note: PSP Projects Limited is a prominent Engineering, Procurement, and Construction (EPC) company in India, with a diverse order book of Rs. 6,546 crore as of September 30, 2024 with nearly Rs. 1,631 crore stemming from the Adani Group.
CCI Approves ACL Acquisition of 72.8% Stake in OCL:
i.The CCI granted Ambuja Cements Limited’s (ACL), unconditional approval to acquire up to 72.8% stake in Orient Cement Limited (OCL).
ii.ACL will acquire 46.80% of the issued share capital of OCL, which includes: 37.90% from the current promoter & promoter group and 8.90% from certain public shareholders.
iii.Open Offer: Following the primary acquisition, ACL will make an open offer to acquire up to 26% of the expanded share capital at a price of Rs.395.40 per share.
iv.The total value of the transaction is approximately Rs. 8,100 crore (about USD 1 billion). The offer price of Rs. 395.40 per share represents a premium over OCL’s current market price.
Note:
i.ACL is a leading Indian cement manufacturer, part of the Adani Group, with 22 integrated cement plants, 10 bulk cement terminals, and 21 grinding units across India.
ii.OCL is a prominent cement producer with manufacturing facilities in Telangana, Karnataka, and Maharashtra, and distribution across 10 Indian states.
CCI Approves Shell’s Acquisition of Raj Petro Specialities :
i.The CCI approved Shell Deutschland GmbH, a subsidiary of the global energy company Shell Plc, and Shell Overseas Investments B.V. to acquire 100% Raj Petro Specialities Private Limited.
ii.The acquisition aims to leverage Shell’s global capabilities to enhance operational efficiency and strengthen its customer offerings in India’s growing industrial and automotive sectors.
CCI Approves Roquette’s Acquisition of Pharma Solutions and Nourish Segments from IFF
i.The CCI approved Roquette Frères S.A.’s acquisition of the Pharma Solutions and specific product lines from the Nourish segment of International Flavors & Fragrances Inc. (IFF).
ii.The acquisition involves Roquette purchasing equity interest in IFF entities holding the target businesses.
iii.Roquette operates in India through subsidiaries in Mumbai (Maharashtra) based companies namely Crest Cellulose Private Limited, Roquette India Private Limited, while IFF’s target business is present through New Delhi (Delhi) based Danisco Nutrition and Biosciences India Private Limited.
CCI Approves Acquisition of 12.44% Stake in Advanta Enterprises by Alpha Wave Ventures II, LP :
i.The CCI approved Alpha Wave Ventures II, LP’s acquisition of a 12.44% stake in Advanta Enterprises Limited.
ii.Alpha Wave Ventures II, LP focuses on investing in sectors like Financial Technology (FinTech), Artificial Intelligence (AI) and life sciences, while Advanta specializes in seed technology, promoting climate-smart and high-nutrition crops.
CCI Approves Acquisition of 100% Shareholding in KSK Mahanadi Power Company Limited by JSWEL :
i.The CCI approved JSW Energy Limited’s(JSWEL) acquisition of 100% shareholding in KSK Mahanadi Power Company Limited for nearly Rs. 16,000 crore.
- JSW Thermal Energy One Limited (JSW Thermal) is a newly formed wholly owned subsidiary of JSWEL, incorporated in October 2024 for the purposes of facilitating the Proposed Transaction.
ii.This approval follows the Resolution Plan (RP) submitted by JSW Energy, which was approved by the National Company Law Tribunal (NCLT) in Hyderabad.
ii.The acquisition strengthens JSW Energy’s power generation portfolio, adding a 3,600-megawatt (MW) thermal power plant located in Janjgir-Champa District, Chhattisgarh.
About Competition Commission of India (CCI):
It is a statutory body constituted under Competition Act, 2002.
Chairperson- Ravneet Kaur
Headquarters- New Delhi, Delhi
Established- 2003
