The Competition Commission of India (CCI) approves the acquisition of the shareholding of Tower Vision India Private Limited (Tower Vision) by Ascend Telecom Infrastructure Private Limited and GIP EM Ascend 2 Pte. Ltd (GIP EM).
Acquirers- Ascend Telecom Infrastructure Private Limited (Ascend) and GIP EM
Target- Tower Vision
Highlights:
i. The Proposed Combination is being notified under Section 6(2) read with Section 5 of the Competition Act, 2002 (as amended).
ii. The proposed combination requires the acquisition of 100% of the issued and fully paid-up ordinary equity shares of Tower Vision by Ascend and GIP EM.
iii. Ascend is engaged in providing passive telecommunication infrastructure services through towers in India. GIP EM is presently not engaged in any business operations.
- Both Ascend and GIP EM are entirely owned by funds/investment vehicles managed by entities that are ultimately controlled by Global Infrastructure Management LLC (GIM LLC).
iv. Tower Vision, established in 2006, is engaged in the provision of passive telecommunication infrastructure services through towers in India.
- It is registered as Infrastructure Provider Category –I (IP-I) with the Department of Telecommunications (DoT), the Ministry of Communications, Government of India
CCI approves Acquisition by Sanjay Chamria (SC) of certain equity shares of Jaguar & Magma HDI
The CCI approves acquisition by Sanjay Chamria (SC) of certain equity shares of Jaguar Advisory Services Private Limited (Jaguar), resulting in an indirect acquisition of certain equity shares of Magma HDI General Insurance Company Limited (Magma HDI).
Highlights:
i. The proposed combination is in the nature of the acquisition by Sanjay Chamria of an aggregate of 11,500 Jaguar equity shares total, representing 51.11% of Jaguar’s total equity share capital, held by Poonawalla Fincorp Limited (PFL) and HDI Global SE (HDI).
ii. As a result, Sanjay Chamria will indirectly acquire roughly 5.44% of the equity share capital of Magma HDI.
iii. The Proposed Combination is an indirect acquisition of shares under Section 5(a) of the Competition Act, 2002.
Note:
- Sanjay Chamria is engaged in investing directly and through entities owned by him in various listed and unlisted enterprises.
- Jaguar, incorporated on 03 July 2009, is engaged in the business of provision of manpower supply services.
- Magma HDI is engaged in the business of general/non-life insurance in India and offers a complete range of general/non-life insurance products.
About Magma HDI General Insurance Company Limited:
i. Magma HDI General Insurance Company Limited is a joint venture (JV) between Magma Fincorp Limited and HDI Global SE Germany.
- Magma Fincorp Limited, one of India’s largest Non-Banking Financial Companies (NBFCs)
- HDI Global SE Germany is part of the Talanx Group, a multi-brand conglomerate that has a presence in over 150 countries
ii. A range of innovative retail and commercial general insurance products are available from Magma HDI.
Recent Related News:
On 14th March 2023, the Competition Commission of India (CCI), the fair trade regulator, approved the following acquisition:
i. Acquisition of Meritor, Inc., by Cummins Inc.
ii. Acquisition of METRO Cash & Carry India by Reliance Retail Ventures (RRVL)
iii. Acquisition of 100% of the equity share capital of L&T Infrastructure Development Projects Limited and Kudgi Transmission Limited, by Epic Concesiones Private Limited and Infrastructure Yield Plus II, respectively.
About the Competition Commission of India (CCI):
Acting Chairperson- Sangeeta Verma
Headquarters- New Delhi, Delhi
Establishment- 14th October 2003 (Operational from 2009)
