The Competition Commission of India (CCI) approves the acquisition of the stake in Simpolo Vitrified Private Limited (SVPL) by India Business Excellence Fund IV (IBEF IV), India SME Investments Fund – I (India SME), Motilal Oswal Finvest Limited (MOFPL), partners of Simpolo Ceramics (SC or Simpolo Ceramics) and the shareholders of Nexion International Private Limited (Nexion) including Aghara & Sons (Aghara) and Ceramiche Speranza SPA (Ceramiche SPA).
- The proposed combination also involves the transfer of the business of SC and Nexion into SVPL.
About Simpolo Vitrified Private Limited (SVPL):
SVPL is involved in designing, manufacturing and sale of vitrified tiles and also engages in the trading of various kinds of tiles, sanitaryware and bath fittings, faucets and allied products.
- Nexion Surfaces, is a newly incorporated wholly owned subsidiary of SVPL and does not have any business operations until now.
About the stakeholders:
i.IBEV IV, under the Motital group is a category II Alternative Investment Fund (AIF) registered with the Securities and Exchange Board of India (SEBI) and primarily invests in equity and equity-linked instruments and/or debt and/or mezzanine or other Indian instruments or India related companies.
ii.MOFPL, a wholly owned subsidiary of Motilal Oswal Financial Services Limited (MOFSL) is a non-banking financial company (NBFC) registered with the Reserve Bank of India (RBI) which is primarily engaged in lending and related activities.
iii.India SME is a private equity fund under the SEBI AIF CAT II Licence in India.
iv.Seven out of 11 of the SC Partners also hold 68% interest in Aghara which now holds stake in SVPL, Nexion (through Aghara) and SC.
- Aghara (with 7 SC partners) is an investment firm, with no business operations in India except its 50% shareholding in Nexion.
v.SC is also engaged in designing, manufacturing, supplying and distributing all types of sanitaryware and bath fittings, faucets and allied products to builders, architects and homeowners, both in India and overseas through SVPL.
- Ceramiche SPA, a parent entity of Consorzio Digit Tile S.C.R.L, incorporated in Italy does not have any business operations in India, and only has 50% shareholding in Nexion.
CCI Approves Amalgamation of CSSL & JSW Ispat with and into JSW Steel
The CCI approves the amalgamation of Creixent Special Steels Limited (CSSL) and JSW Ispat Special Products Limited (JSW Ispat) with and into JSW Steel Limited (JSW Steel) under Section 31(1) of the Competition Act, 2002.
About JSW Steel Limited (JSW Steel):
Established – 1994 (Under the laws of India)
JSW Steel is the flagship company of the JSW group and is primarily engaged in the manufacture and sale of a diverse range of iron and steel products in India and abroad.
- It is listed on the National Stock Exchange of India Limited (NSE Limited) and BSE Limited.
About JSW Ispat Special Products Limited (JSW Ispat):
Establishment – 1990 (Under the laws of India)
JSW Ispat is engaged in the manufacture of iron, semi-finished steel, long steel products and is also listed on the NSE Limited and BSE Limited.
About Creixent Special Steels Limited (CSSL):
Establishment – 2018 (under the laws of India)
CSSL is the holding company of JSW Ispat and is engaged in trading in steel and steel products.
CCI Approves Acquisition by Katsura Investments & Varmora Granito Private Limited in some of its Group Companies
The CCI approves the acquisition by Katsura Investments in Varmora Granito Private Limited and certain other entities.
- CCI also approves Varmora Granito Private Limited in some of its Group Companies and other entities.
The proposal:
i.The proposed combination includes, the acquisition by Katsura Investments up to 40 percent equity shareholding in the Varmora Granito Private Limited on a fully diluted basis including certain rights.
- This also includes Varmora’s acquisition of ownership interest in Renite and Simola entities with additional shareholding in some of its group companies.
About Katsura Investments:
i.The Katsura Investments is a newly incorporated, special purpose vehicle (SPV) which has been established under the laws of the Republic of Mauritius and does not have any business activities in India.
ii.It is controlled by CAPG-II, an investment fund that is advised by the affiliates of the Katsura Investments Group.
iii.The Katsura Investments Group is a global alternative asset manager, which manages funds globally across 3 investment disciplines that include,
- Global private equity, including corporate private equity, real estate, and natural resources funds.
- Global credit, including liquid credit, illiquid credit, and real assets credit.
- Investment solutions, a private equity fund of funds (F-o-F) program, which includes primary fund, secondary and co-investment related activities.
About Varmora Granito Private Limited and its other entities:
i.The Varmora Granito Private Limited entities include Tocco Ceramic, Solaris Ceramics, Conffi Sanitaryware, Covertek Ceramica, Varmora Ceramics and Nextile which are primarily engaged in manufacturing of building materials, sanitary ware, faucets, kitchen sinks, and tiles adhesives & allied.
ii.The acquired entities, Renite and Simola, are engaged in the business of manufacturing vitrified tiles in India.
CCI Approves EQT AB’s acquisition of BPEA & Eric Salata Rothleder in EQT
The CCI has approved EQT AB’s acquisition of Baring Private Equity Asia Group Limited (BPEA) and its subsidiaries including majority control of its general partner entities.
- CCI has also approved Jean Eric Salata Rothleder, BPEA Founder’s acquisition of up to 9.9 percent of the equity shareholding of EQT.
Highlights:
i.The proposal includes the acquisition of all the shares and sole control by EQT, indirectly through one or more wholly owned subsidiaries of the BPEA Group.
ii.EQT group, which comprises EQT and its direct and indirect subsidiaries, is a purpose-driven global investment organisation, while BPEA Group that is dual-headquartered in Hong Kong and Singapore is a leading private markets investment firm in Asia.
Recent related news:
The Competition Commission of India (CCI) approved the Rs. 12,325 deal of Axis Bank – Citi deal under Section 31(1) of the Competition Act, 2002 and has also approved acquisition of stake in Tata Power Renewable Energy Limited (TPREL) by Greenforest New Energies Bidco Limited (Greenforest).
About Competition Commission of India (CCI):
Chairperson – Ashok Kumar Gupta
Establishment – 2003
Headquarters – New Delhi, Delhi
