On September 20, 2023, the Competition Commission of India (CCI) has approved the following proposals:
i.Acquisition of additional unit holding in Highways Infrastructure Trust by 2452991 Ontario Limited and acquisition of equity stake in Highway Concessions One Private Limited by 2743298 Ontario Limited
ii.Acquisition of certain shareholding in TVS Credit Services Limited by PI Opportunities
iii.Acquisition of some percentage of the total equity shareholding in Quality Care India Limited by Centella Mauritius Holdings Limited
iv.Acquisition of certain percentage of stake in Quality Care India by BCP Asia II
CCI approves acquisition of additional unit holding in Highways Infrastructure Trust by 2452991 Ontario Limited and acquisition of equity stake in Highway ConcessionsOne Private Limited (HC One) by 2743298 Ontario Limited
i.The proposed combination relates to the acquisition of additional unitholding in the Target Trust by OTPP 1 and separately acquisition of equity stake in HC One by OTPP 2 (Proposed Combination).
Key Points
i.2452991 Ontario Limited (OTPP 1) and 2743298 Ontario Limited (OTPP 2) are solely controlled by Ontario Teachers’ Pension Plan Board (OTPPB).
ii.OTPPB administrates pension benefits and the investment of pension plan assets of active and retired teachers in the Canadian province of Ontario worldwide.
iii.Highways Infrastructure Trust (Target Trust) is an infrastructure investment trust registered with Securities Exchange Board of India (SEBI) under the SEBI (Infrastructure Investment Trusts) Regulations, 2014 (InvIT Regulations).
iv.HC One is a company incorporated in India with the objective of managing and operating roads assets in India.
CCI approves certain shareholding in TVS Credit Services Limited by PI Opportunities along with certain Individuals
i.Recently, the Competition Commission of India (CCI) has approved the proposed acquisition of certain shareholding in TVS Credit Services Limited by PI Opportunities Fund-I Scheme-II along with certain Individuals
ii.The proposed combination relates to the acquisition of 10.98% stake (on a fully diluted basis) of Target by the Acquirers.
- PIOF-II shall be acquiring about 10.79% of shareholding in the Target, whereas the Individual Acquirers shall collectively be acquiring 0.19% shareholding in Target.
Key Points:
i.The PI Opportunities Fund-I Scheme-II, is a trust established under the laws of India and registered as a Category II Alternative Investment Fund (AIF) with the Securities and Exchange Board of India (SEBI).
ii.The PI Opportunities Fund-I Scheme-II is owned and controlled by Premji Invest Limited (Premji Invest), which is controlled by Mr.Azim Premji.
iii.The Individual Acquirers are senior level management employees, partners and consultants of Premji Invest.
iv.The TVS Credit Services Limited is a non-Deposit taking Systemically Important NBFC (NBFC-NDSI) incorporated in India. It commenced business in 2010 as a retail focused NBFC.
CCI approves acquisition of approximately 24.16% of total equity shareholding in Quality Care India Limited by Centella Mauritius Holdings Limited
i.The proposed combination relates to acquisition of approximately 24.16% of the total equity shareholding in Quality Care India Limited (QCIL) by Centella Mauritius Holdings Limited.
Key Points:
i.Centella Mauritius Holdings Limited is a newly incorporated special purpose investment vehicle incorporated in Mauritius and currently has no operations in India.
ii.The Acquirer is majorly owned and controlled by an entity, which is advised by the affiliates of TPG Inc. (TPG), the ultimate holding company of the TPG group.
iii.QCIL is an unlisted public limited company with its registered office in Hyderabad, Telangana.
iv.QCIL is a multi-specialty healthcare provider in India.
v.It operates a network of multi-speciality hospitals under the brand name CARE Hospitals across various cities in India.
CCI approves acquisition of 72.49% stake (approx.) in Quality Care India by BCP Asia II
i.The Proposed Combination envisages acquisition of ~72.49% of the total equity shareholding of Quality Care India Limited (Target), on a fully diluted basis, by BCP Asia II Topco IV Pte. Ltd (BCP Asia II/Acquirer) from Touch Healthcare Private Limited.
Key Points:
i.The Acquirer is controlled by funds advised and/or managed by affiliates of Blackstone Inc.
ii.The Target is a multi-specialty healthcare provider established in 1997.
About Competition Commission of India (CCI)
CCI is a statutory body within the Ministry of Corporate Affairs
It is responsible for enforcing the Competition Act, 2002
Chairperson – Ravneet Kaur
Headquarters – New Delhi, Delhi
Established – 2009
About Securities Exchange Board of India (SEBI)
Chairperson – Madhabi Puri Buch
Headquarters – Mumbai, Maharashtra
Established – Earlier SEBI was constituted as a non-statutory body on April 12, 1988 through a resolution and later on it got established as a statutory body in the year 1992.
