The Competition Commission of India (CCI) approved the acquisition of share capital of NSPIRA Management Services Private Limited from NHPEA Minerva Holding BV which holds 18.23% and Banyantree Growth Capital II, LLC which holds 2.24% by Puneet Kothapa, Ponguru Sindhura and Ponguru Sharani.
- Puneet Kothapa is the Managing Director(MD), and Ms P. Sindhura is the Director of the NSPIRA Management Services Pvt. Ltd. They are also the Promoters of the company.
- Ms P. Sharani holds 25.83% of the shareholding (on a fully diluted basis) in NSPIRA Management Services Pvt. Ltd.
Acquirers: Puneet Kothapa, Ponguru Sindhura & Ponguru Sharani
Target: NSPIRA Management Services Pvt. Ltd
Sellers: NHPEA Minerva Holding BV (Seller 1) and Banyantree Growth Capital II, LLC (Seller 2).
Currently, the Acquirers collectively hold 79.48% of the shareholding in NSPIRA Management Services Pvt. Ltd.
Proposed Combination:
i. The Present Combination envisages the acquisition of all Seller 1 and Seller 2 shares in Target, resulting in their complete exit from Target.
ii. The Acquirers shall hold nearly 100% (>99.99%) of the shares in NSPIRA Management Services Pvt. Ltd in accordance with every step of the Proposed Combination.
About NSPIRA Management Services Pvt. Ltd:
i. NSPIRA Management Services Pvt. Ltd is a management service provider, established in the year 2013.
ii. It provides management services to educational institutions, majorly run by Narayana Group (viz. the Narayana Educational Society (NES), the Narayana Education Trust, the Narayana Educational Trust)
iii. Management Services include, inter alia, administrative support, content development, exam and admission, infrastructure management, IT solutions, housekeeping and security, renting and leasing of assets.
CCI approves Acquisition of Shareholding of JM Baxi Ports & Logistics Limited by HL Terminal Holding B.V.
CCI approves the acquisition of certain shareholding of JM Baxi Ports and Logistics Limited by HL Terminal Holding B.V., a wholly owned subsidiary of Hapag Lloyd Aktiengesellschaft.
Acquiring Entity: HL Terminal Holding B.V.
Target: JM Baxi Ports and Logistics Private Limited
The proposed transaction is covered under Section 5(a) of the Competition Act, 2002.
Purpose of the Proposed Transaction:
Acquiring Entity’s Purpose:
i. The proposed transaction is part of HL Terminal Holding B.V.’s group’s ‘Prepare for Tomorrow’ strategy, whereby the Acquirer Group intends to invest in port terminals to stabilise cash flows and remain competitive in the global landscape.
ii. India, which has the fastest-growing economy and provides an appealing environment for an investment of this kind, is a major strategic market for the Acquirer Group.
Target’s Purpose:
i. Target is looking for a partner to support the growth of the internally synergetic business of terminals and inland logistics.
ii. The Proposed Transaction will help Target raise capital for the expansion of its businesses.
About HL Terminal Holding B.V:
i. HL Terminal Holding B.V. is a newly incorporated entity, intended to serve as a strategic/investment holding company for the port terminal business of Hapag Lloyd Aktiengesellschaft (HLAG).
ii. HLAG is the parent company of HL Terminal Holding B.V.
iii. Germany-based HL Terminal Holding B.V. is an international group of companies active in the maritime sector, offering global transport services for containerized cargo (i.e., deep-sea and short-sea container shipping services for the transport of both reefer and dry cargo) under the Hapag-Lloyd AG brand.
About JM Baxi Ports and Logistics Private Limited:
i. JM Baxi Ports and Logistics Private Limited is a private terminal and inland transport service provider in India.
ii. Its operations comprise providing container terminal services (CTS), operating a multipurpose terminal, inland container depots, container freight stations and additional logistics activities, such as rail transport services across India.
Recent Related News:
On February 13, 2023, the Competition Commission of India (CCI) has given its approval to the following proposals:
i. Acquisition of up to 100% shareholding in R Systems International Limited by BCP Asia II Topco II Pte. Ltd
ii. Consolidation of HPM Business of LANXESS AG and DEM Business of Koninkiljke DSM N.V. under Zehnte LXS GmbH, a JV HoldCo of Platin 2170 GmbH & LANXESS
iii. Acquisitions of Commercial Real Estate assets by Nexus Select Trust
About the Competition Commission of India (CCI):
Acting Chairperson- Sangeeta Verma
Headquarters- New Delhi, Delhi
Establishment- 14th October 2003 (Operational from 2009)
