On November 27, 2020 The Competition Commission of India (CCI) approved the following acquisition and amalgamation under Section 31(1) of the Competition Act, 2002.
Approval for Acquisition of Rivigo by Spring Canter Investment Ltd
CCI gave approval to the acquisition of Rivigo Services Private Limited (Rivigo) by Spring Canter Investment Ltd (SCIL) via subscription of compulsorily convertible preference shares.
Approval for the proposed amalgamation of Srikalahasthi Pipes Limited with and into Electrosteel Castings Limited
i.CCI gave approval for the proposed amalgamation of Srikalahasthi Pipes Limited (SPL) with and into Electrosteel Castings Limited (ECL).
ii.The proposed amalgamation is in accordance with the scheme of amalgamation.
iii.After the amalgamation, SPL will be dissolved and ECL will be the surviving entity.
Info about the Companies:
Spring Canter Investment Ltd
- It is an investment holding company that is incorporated under the laws of Mauritius.
- It does not have any physical presence in India.
- It is to be noted that SCIL’s shareholders are certain private equity funds managed by Warburg Pincus LLC (Warburg).
Rivigo Services Private Limited
- It is a technology-enabled logistics company in the trucking industry.
- It makes use of the ‘driver relay’ model that allows trucks to cover more distances at a faster speed than the industry average.
Headquarters– Gurugram, Haryana
Founder & CEO– Deepak Garg
Electrosteel Castings Limited
- ECL, a publicly listed company in India, is the holding company of the Electrosteel group of companies.
- It primarily engages in the manufacturing and supply business of ductile iron pipes, ductile iron fittings and cast iron pipes.
Headquarters– Kolkata(formerly Calcutta), West Bengal
MD– Mr. Umang Kejriwal
CEO & Additional Director(Whole-time)– Sunil Katial
Srikalahasthi Pipes Limited
- It is also a part of the Electrosteel group.
- It engages in the business of manufacturing and supply of ductile iron pipes.
CEO- Mayank Kejriwal
Headoffice– Chittoor, Andhra Pradesh
Recent Related News:
On September 29, 2020 The Competition Commission of India (CCI) under Section 31(1) of the Competition Act, 2002 has approved the acquisition of certain real estate projects of RMZ Group and 100% equity shareholding in CoWrks India Pvt Ltd. by Brookfield Private Capital (DIFC-Dubai International Financial Centre) Limited.
About Competition Commission of India (CCI):
Headquarters– New Delhi, India
Chairman– Ashok Kumar Gupta
Established by– The Central Government with effect from 14th October 2003