On May 13, 2025, the Competition Commission of India (CCI) under the Ministry of Corporate Affairs (MCA) approved four significant acquisition proposals.
i.Indorama Netherlands B. V’s acquisition of a 24.9% stake in EPL Limited.
ii.AIPCF VIII A-TE Funding L.P.’s investment of 13% of the limited partnership interests in Perseus Parent L.P.
iii.Knowledge Realty Trust’s acquisition of certain entities belonging to Blackstone Group and Sattva Group
iv.Demerger of MDO Business of Thriveni Earthmovers into Thriveni Earthmovers and Infra and Lloyds Metals and Energy’s acquisition of shares of Thriveni Earthmovers.
Indorama Netherlands B. V’s acquisition in EPL Limited:
The CCI has approved the acquisition of 24.9% equity share in Mumbai (Maharashtra)- based EPL Limited (Target) by Indorama Netherlands (Rotterdam, Netherlands based) (Acquirer) from Blackstone for approximately Rs.1,908 crore (USD 220 million).
- Following the completion of the transaction, Indorama Ventures will have the right to nominate a director to EPL’s board, signifying a strategic alliance focused on harnessing synergies within the packaging sector.
i.Indorama Netherlands is an indirect subsidiary of Bangkok (Thailand) based Indorama Ventures Public Company Limited.
ii.EPL Limited (formerly known as Essel Propack Limited) is engaged in the business of manufacturing and selling packaging products, including laminated and extruded plastic tubes.
- It was established in 1982, operating 21 manufacturing facilities across 11 countries and producing over eight billion tubes annually.
AIPCF VIII A-TE Funding L.P.’s proposal to invest in Perseus Parent L. P:
The CCI has approved the proposed combination of AIPCF VIII A-TE Funding L.P.(Acquirer), involving an investment of 13% of the limited partnership interests in Perseus Parent L. P (Target).
- AIPCF VIII A-TE Funding L.P.’is a newly incorporated Special Purpose Vehicle (SPV) which will operate as an investment fund.
- The acquirer belongs to the American Industrial Partners(AIP) Group (Acquirer Group), an operational oriented private entity group which has investments in industrial businesses like transportation and logistics, metals and mining, and aerospace and defence across global markets.
- Perseus Parent L. P is engaged in the manufacturing, marketing, and distribution of engine components for light vehicles and commercial truck and off-way vehicles.
Knowledge Realty Trust’s acquisition in Blackstone Group and/or Sattva Group:
The CCI has approved the direct and indirect acquisition of certain entities, in which some are individually controlled by Blackstone Group and by Sattva Group and remaining which are jointly controlled by Blackstone Group and Sattva Group (Target Entities) by the Knowledge Realty Trust (KRT).
- The acquisition is acted through the manager of KRT, Knowledge Realty Office Management Services Private Limited (formerly known as Trinity Office Management Services Private Limited) (Acquirer).
- KRT is registered with the Securities and Exchange Board of India (SEBI) as a Real Estate Investment Trust (REIT) under the Indian Trust Act, 1882.
- The trust is preparing for an initial public offering (IPO) aimed at raising over Rs.6,200 crore (approximately USD 712 million), positioning it as India’s largest REIT by Net Operating Income (NOI) and Gross Asset Value, estimated at around Rs.60,000 crore.
Note:
i.Blackstone Group, an Alternative Investment Company is headquartered in New York, United States of America (USA).
ii.Sattva Group, a real estate conglomerate is headquartered in Bengaluru, Karnataka
iii.KRT, a Real Estate Investment Trust (REIT) is a Joint Venture (JV) between Blackstone Group and Sattva Group.
Demerger of MDO Business of TEPL into TEIPL:
The CCI has approved the demerger of the business of Mining Development and Operations (MDO) of Thriveni Earthmovers Private Limited (TEPL) into a new entity Thriveni Earthmovers and Infra Private Limited (TEIPL).
- Following the demerger, Lloyds Metals and Energy Limited (LMEL) acquired a 79.82% equity share of TEIPL.
- TEIPL has acquired a majority of shareholding in Lloyds Surya Private Limited (Lloyds Surya).
- The integration of TEIPL into LMEL’s operations aligns with the company’s strategic focus on scaling operations, creating shareholder value, and achieving operational excellence in the mining and infrastructure sectors.
Note:
i.TEMPL, headquartered in Salem (Tamil Nadu, TN) is engaged in the business of MDO in relation to iron ore, coal, barytes and manganese.
ii.LMEL, an iron ore mining company is headquartered in Mumbai, Maharashtra. It was incorporated in 1977.
iii.TEIPL is a newly incorporated entity and currently does not have business operations in India and abroad.
iv.Lloyds Surya is a wholly owned subsidiary of LMEL, having its registered office in Mumbai, Maharashtra.
About Competition Commission of India(CCI):
Chairperson – Ravneet Kaur
Headquarters – New Delhi, Delhi
Established– 2003
