On September 19, 2020, Competition Commission of India (CCI) has approved the following proposals under Section 31(1) of the Competition Act, 2002:
Acquisition of sole control over Bombardier Transportation’s (Bombardier Transport) by Alstom S.A. (Alstom)
CCI approved the acquisition of sole control over Bombardier Transportation’s (Bombardier Transport) by Alstom S.A. (Alstom), and acquisition of approximately 18% and 3% share capital of Alstom S.A. by Caisse de depot et placement du Quebec (CDPQ) and Bombardier Inc (Bombardier) respectively.
Acquisition of Nutrition & Biosciences, Inc. by International Flavors & Fragrances Inc.
Apart from above CCI also approved acquisition of Nutrition & Biosciences, Inc. (Spinco) by International Flavors & Fragrances Inc. (IFF). It relates to the acquisition of sole control by IFF, over the Nutrition & Biosciences business (“N&B Business”) of DuPont de Nemours, Inc. (“DuPont”), by means of acquiring sole control over SpinCo, a company newly formed by DuPont and to which DuPont will transfer the N&B Business.
Information about Companies:
It is a French corporation globally active in the rail transport industry. In India, it manufactures and supplies, inter alia, signalling solutions, rail electrification, rolling stock (locomotives and metros), track works, maintenance services through its subsidiaries, including Alstom Manufacturing India Private Limited, Alstom Systems India Private Limited, Alstom Transport India Limited, and Madhepura Electric Locomotive Private Limited.
Chairman and Chief Executive Officer (CEO)– Henri Poupart-Lafarge
It is a Canadian corporation globally active in the business aircraft and the rail transport industries. In India, Bombardier Transportation is engaged in the sale of rail vehicles, propulsion, control equipment and signalling solutions through its subsidiary Bombardier Transportation India Private Limited.
President and Chief Executive Officer– Earic Martel
About Caisse de depot et placement du Québec (CDPQ):
Based in Canada, it manages funds primarily for public and para-public pension and insurance plans. It invests in major financial markets, private equity, fixed income, infrastructure and real estate.
President and Chief Executive Officer– Charles Emond
About International Flavors & Fragrances Inc. (IFF):
IFF is a public company based in New York, United States of America (USA). IFF is active worldwide in the development, creation, and sale of flavours and fragrances that are used in consumer goods industries (such as food and beverage, personal care, or household products industries).
SpinCo is a recently incorporated company to which DuPont will transfer its N&B Business. The N&B Business operates through its ‘Food & Beverage’, ‘Health & Biosciences’, and ‘Pharma Solutions’ units.
Recent Related News:
i.On July 10, 2020 The Competition Commission of India(CCI) approved the acquisition of 9.09% equity stake in Escorts Limited(Escorts) by Kubota Corporation(Kubota) and of 40% in Kubota Agricultural Machinery India Private Limited(KAI) by Escorts under Section 31(1) of the Competition Act, 2002.
ii.On August 26, 2020, CCI approved the acquisition of up to 64.90% of share capital of J B Chemicals & Pharmaceuticals Limited by Tau Investment Holdings Pte. Ltd. (Tau Investment).
About Competition Commission of India(CCI):
Chairman– Ashok Kumar Gupta
Headquarter– New Delhi