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CCI Approved – Tripura’s Summit India to Acquire 23.5% Stake in OTPC & SVF II Songbird to Buy Stake in Swiggy

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ONGC Tripura Power CoCompetition 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.

Purpose of transaction: Summit India (Tripura) is expected to introduce the best practices to ONGC Tripura Power Company.

CCI Approves SoftBank Group Entity Buying Stake in Swiggy

CCI approved the acquisition of stakes in Bundl Technologies Private Limited, a private limited company incorporated in India and is engaged in operating Swiggy, by the SVF II Songbird, a SoftBank Group entity.

  • The SVF II Songbird is a newly incorporated entity of SoftBank Group, aimed to make mid to long term financial investments in companies.
  • The SVF II songbird is set to purchase a sure shareholding ratio of Bundl Technologies Pvt Ltd.

Recent Related News:

On May 19, 2021, Adani Green Energy Limited (AGEL) agreed to acquire the 100 per cent stake of SB Energy Holdings Limited at an enterprise valuation(EV) of ~ $3.5 billion, the largest acquisition in the renewable energy sector in India.

About Competition Commission of India (CCI):

Chairperson- Ashok Kumar Gupta
Director-General– Dr Atul Verma
Headquarters- New Delhi
Established on 14th October 2003

About ONGC Tripura Power Company(OTPC):

Managing Director– Sanil C. Namboodiripad
Headquarters– Gomati, Tripura