On 26th November 2024, the Competition Commission of India (CCI) has approved the following proposals:
CCI approves acquisition of shares in Rebel Foods by Jongsong Investments
CCI has approved acquisition of shares in Rebel Foods Private Limited by Jongsong Investments Private Limited, involving the subscription to compulsorily convertible preference shares and the purchase of equity shares.
Key Points:
i.Jongsong is a wholly owned subsidiary of Temasek Holdings (Private) Limited (Temasek), a Singapore-based investment company with a global portfolio.
ii.Rebel Foods operates in the organized food services industry, including cloud kitchens, restaurants, food courts, and cafes.
- Founded in 2011 by Jaydeep Barman and Kallol Banerjee, Rebel Foods is the world’s largest internet restaurant company, with 450+ kitchens in 70 cities and over 45 brands across multiple countries.
CCI approves acquisition of securities of DMI Finance by MUFG Bank
CCI has approved MUFG Bank, Ltd.’s acquisition of additional securities in DMI Finance Private Limited, increasing its shareholding to 20%.
Key Points:
i.MUFG Bank, based in Tokyo, Japan, is wholly owned by Mitsubishi UFJ Financial Group, Inc. In India, it offers corporate banking loans, deposit accounts, remittances, trade finance, and bank guarantees.
ii.DMI Finance, a non-deposit accepting Non-Banking Financial Company registered with the Reserve Bank of India, provides loans including personal loans, loans to micro, small, and medium enterprises, and consumption loans.
CCI approves acquisition of standard unsecured personal loans portfolio of Standard Chartered Bank, India Branch by Kotak Mahindra Bank
CCI has approved Kotak Mahindra Bank Limited’s acquisition of the unsecured personal loans portfolio worth Rs 4100 crore from Standard Chartered Bank, India Branch.
Key Points:
i.Kotak Mahindra Bank (Acquirer) is a public limited company, listed on the Bombay Stock Exchange Limited (BSE) and National Stock Exchange of India Limited (NSE), and registered with the Reserve Bank of India (RBI).
ii.It provides a range of banking services including retail, wholesale banking, and treasury operations.
CCI approves transaction involving subscription of shares of Flipkart by Shoreline International Holdings
CCI has approved Shoreline International Holdings LLC’s investment in Flipkart Private Limited through a share subscription, along with an arrangement for service provision between an affiliate of Shoreline and Flipkart’s subsidiary.
Key Points:
i.Shoreline International Holdings LLC (Acquirer) is a wholly owned subsidiary of Alphabet Inc. (Google).
- It is a holding company and does not operate Google products or services.
ii.Flipkart Private Limited (Target) is a subsidiary of Walmart Inc. and primarily engages in wholesale cash-and-carry and e-commerce marketplace services in India.
CCI approves the acquisition of Fosroc Top One Limited, Fosroc Top Two Limited, and Fosroc Supply FZE by Starcin Holding France SAS
CCI has approved Starcin Holding France SAS’s acquisition of 100% of the shares in Fosroc Top One Limited, Fosroc Top Two Limited, and Fosroc Supply FZE, collectively known as the Target Companies.
- Starcin is a wholly owned subsidiary of Compagnie de Saint-Gobain S.A. (Saint-Gobain), and the Target Companies are subsidiaries of Fosroc Group Holdings Limited.
Key Points:
i.Starcin provides strategic, legal, financial, and IT (Information Technology) services and handles acquisitions and securities management.
ii.Saint-Gobain specializes in construction and housing products, including building materials, automotive glass, and high-performance solutions.
iii.Fosroc manufactures chemicals for the construction industry, focusing on building materials and chemical-based admixtures. The Target Companies are based in the United Kingdom (UK) and United Arab Emirates (UAE).
Recent Related News:
i.CCI has approved the proposed amalgamation of Mangalore Chemicals & Fertilizers (MCFL) with Paradeep Phosphates Limited (PPL) and the acquisition of MCFL’s equity shares by Zuari Maroc Phosphates Private Limited (ZMPPL).
ii.The CCI approves the acquisition of 100% share capital of Viterra Limited (Viterra) (Target) by Bunge Global SA (Bunge) (Acquirer). Viterra’s 3 main shareholders are Glencore PLC (Glencore), Canada Pension Plan Investment Board (CPP Investments), and the British Columbia Investment Management Corporation (BCI).
About Competition Commission of India (CCI):
It was established in March 2009 by Government of India (GoI) under the Competition Act, 2002 for the administration, implementation, and enforcement of the Act.
Chairperson– Ravneet Kaur
Headquarters– New Delhi, Delhi
