The Competition Commission of India (CCI) approved the acquisition of 100% of the equity share capital of Inflow Technologies Private Limited (Inflow) by Savex Technologies Private Limited (Savex).
Key Points:
i.Savex and Inflow have entered into a definitive agreement for the acquisition of all shares of inflow in multiple tranches.
ii.This transaction allows Savex and Inflow to deliver higher value to their clientele.
iii.Savex and Inflow are involved in distribution of Information and Communication Technology (ICT) products.
GAIL Acquires 26% stake in ONGC Tripura Power Company from IL&FS group entities:
CCI approved the acquisition of 26% equity share capital of ONGC Tripura Power Company Limited by GAIL (India) Limited from Infrastructure Leasing & Financial Services (IL&FS) group entities under Section 31(1) of the Competition Act, 2002.
- The stakes are acquired from IL&FS Energy Development Company Limited and IL&FS Financial Services Limited.
Groww Acquires 100% Stake in Indiabulls AMC & Indiabulls Trustee:
CCI has approved the acquisition of 100% shareholding of (Indiabulls AMC) and Indiabulls Trustee Company Limited (Indiabulls Trustee) by Nextbillion Technology Private Limited, doing business as Groww.
- This is the 1st transaction in India under the Securities and Exchange Board of India (SEBI)’s new “sponsor” eligibility criteria for mutual funds.
- Following the decision of SEBI to allow new-age fintech companies and private equity players to start a mutual fund, Groww became the 1st fintech to join the asset management space.
Background:
In May 2020, Nextbillion Technology signed a deal with Indiabulls to buy out the entire stake for Rs 175 crore.
Under the deal which includes cash and cash equivalent of Rs 100 crore, Groww acquires the Indiabulls AMC and its trustee, Indiabulls Trustee.
Recent Related News:
Competition Commission of India (CCI), approved the proposed acquisition of 23.5 per cent stake equity share capital in ONGC (Oil & Natural Gas Corporation Limited) Tripura Power Company(OTPC) by Summit India (Tripura).
This transaction represents a business opportunity for Summit India(Tripura) since ONGC operates a fully operational natural gas-based power plant (726.6 MW) in Palatana, Tripura.
About Competition Commission of India (CCI):
Chairperson– Ashok Kumar Gupta
Director-General– Dr Atul Verma
Headquarters– New Delhi
Established on 14th October 2003
