The Competition Commission of India (CCI) approves the acquisition of certain shareholdings of BTS Investment 1 Pte. Ltd. (BTS Investment) and Bodhi Tree Systems VCC (BTS VCC) by NBC Universal Media, LLC (NBC Universal), a wholly-owned subsidiary of Comcast Corporation, under Section 31(1) of the Competition Act, 2002.
Acquirer- NBC Universal Media, LLC (NBC Universal)
Targets- BTS Investment 1 Pte. Ltd. (BTS Investment) & Bodhi Tree Systems VCC (BTS VCC).
Highlights:
i. BTS Investment will use a part of the Proposed Combination revenues from NBC Universal’s investment for further investment into Viacom18 Media Private Limited (Viacom18).
ii. The CCI has approved the acquisition and ownership of Viacom18 by BTS Investment in 2022.
About NBC Universal Media, LLC (NBC Universal):
i. NBC Universal is a multinational media and entertainment company incorporated in the United States of America (USA).
ii. It is engaged in the development, production and marketing of entertainment, news and information to global audiences.
iii. NBC Universal owns and operates: News and entertainment television networks, a motion picture company, television production operations, television stations group, theme parks, and ad-supported streaming services, across the globe
About BTS Investment 1 Pte. Ltd. (BTS Investment):
i. BTS Investment is a private company incorporated under the laws of Singapore.
ii. It is currently in the process of raising capital from various investors, including sovereign funds, multinational companies, and global institutional investors, in order to generate funding for its investments.
- Asia Initiatives Pte. Ltd. (Asia Initiatives) holds 100% of the ordinary equity shares of BTS Investment.
- Asia Initiatives is jointly held by Lupa Systems LLC (Lupa Systems) and Mr Uday Shankar.
About Bodhi Tree Systems VCC (BTS VCC):
i. BTS VCC has been incorporated as a non-umbrella Singapore Variable Capital Company under the laws of Singapore.
ii. It has been incorporated for the purpose of raising capital from various investors for investing in media and entertainment, education, consumer health and other consumer-related sectors in the Indian Ocean region, with a particular emphasis on India.
iii. Asia Initiatives holds 100% of the management shares of BTS VCC.
CCI approves Acquisition of the Stake in MSSSL by JSPL from Mukand Limited
The CCI approves the acquisition of 5.51% of the equity share capital in Mukand Sumi Special Steel Limited (MSSSL) by Jamnalal Sons Private Limited (JSPL) from Mukand Limited (Mukand) and its nominees.
- JSPL has acquired 25,71,150 equity shares having a face value of Rs 10 each fully paid up by MSSSL from Mukand.
Acquirer- Jamnalal Sons Private Limited (JSPL).
Enterprise whose shares are being acquired- Mukand Sumi Special Steel Limited (MSSSL)
Highlights:
Mukand solely holds 25,71,055 equity shares and Mukand jointly with its nominees holds 95% of the equity shares of MSSSL.
Note: The proposed combination is an intra-group transfer because both JSPL and Mukand are part of the same group.
About Jamnalal Sons Private Limited (JSPL):
i. JSPL is an unregistered core investment company holding shares in various Bajaj Group Companies.
ii. It does not engage in the production or trade of any goods; instead, it focuses on lending and investing.
About Mukand Sumi Special Steel Limited (MSSSL):
MSSSL is in the business of manufacturing, marketing, selling, and distributing hot-rolled wire rods and special and alloy steel hot-rolled bars.
Recent Related News:
On 23rd March 2023, the Competition Commission of India (CCI) approved, under the green channel route, the Abu Dhabi Investment Authority’s (ADIA) acquisition of a stake in Lenskart Solutions Private Limited (LSPL).
Acquirer- Platinum Jasmine A 2018 Trust (acting through its trustee, Platinum Owl C 2018 RSC Limited) (Platinum Jasmine).
Abu Dhabi Investment Authority (ADIA) is the sole beneficiary and settlor of Platinum Jasmine.
Target- Lenskart Solutions Pvt Ltd(LSPL)
About the Competition Commission of India (CCI):
Acting Chairperson- Sangeeta Verma
Headquarters- New Delhi, Delhi
Establishment- 14th October 2003 (Operational from 2009)
