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CCI Approves Acquisitions of Adani Green Energy Ltd, Ecom Express Private Limited & 100% Acquisition of Virtusa Corporation

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CCI approves acquisition by Total SE through its subsidiary Total RenewablesOn January 11, 2021 The Competition Commission of India (CCI) has approved the following acquisition:

Total SE Acquires Minority Stake in Adani Green Energy Through Total Renewables SAS

i.CCI gave approval under Section 31(1) of the Competition Act, 2002 to the minority share capital acquisition in Adani Green Energy Ltd (AGEL), the renewable energy arm of the Adani Group by Total SE.

ii.Total SE will acquire AGEL through its subsidiary Total Renewables SAS.

Acquirer– Total SE (through Total Renewables SAS)
Acquired Organization– AGEL

About Total SE:

  • It is the parent entity of Total Group.

Chairman and Chief Executive Officer(CEO)- Patrick Pouyanné
HeadQuarters-  Paris la Défense cedex, France

About Adani Green Energy Ltd (AGEL):

Headoffice- Ahmedabad, Gujarat
Managing Director(MD) & CEO- Vneet S. Jaain

PG Esmeralda Pte. Ltd Acquires Stake in Ecom Express Private Ltd

i.CCI gave approval to the proposed combination that envisages acquisition of stake in Ecom Express Private Limited by PG Esmeralda Pte. Limited.

ii.The acquisition will be made by PG Esmeralda through purchase and subscription of shares of Ecom.

Acquirer-PG Esmeralda
Acquired Organization– Ecom Express Private Limited

About PG Esmeralda Pte. Limited:
Headquarters- Switzerland

About Ecom Express Private Limited:

It engages in the business of providing third party logistics (3PL) services in India.
Headquarters- Gurugram, Haryana

BPEA, GIC Investor, CPPIB Investor Acquires 100% Equity Interest and Joint Control in Virtusa Corporation

CCI gave approval to the proposed combination relating to the acquisition of 100% equity interest and joint control in Virtusa Corporation by Baring Private Equity Asia (BPEA), Atago Investment Pte Ltd. (GIC Investor) and CPP Investment Board Private Holdings Inc. (CPPIB Investor)

BPEA will acquire Virtusa through Austin HoldCo.

Acquirer-BPEA(through Austin HoldCo.), GIC Investor, CPPIB Investor
Acquired Organization– Virtusa Corporation

About Austin HoldCo:

It is a company incorporated in Delaware, United States and presently does not  engage in any business activity.

About Baring Private Equity Asia (BPEA):
Chief Executive and Founding Partner- Jean Eric Salata

About GIC Investor
Headquarters- Singapore
Chairman- Lee Hsien Loong(Former PM of Singapore)

About CPPIB Investor:
President & CEO- Mark Machin
Headquarters- Toronto, Canada

About Virtusa Corporation:
Chairman and CEO- Kris Canekeratne
Headquarters- Massachusetts, United States of America

Recent Related News:

On December 8, 2020 The Competition Commission of India (CCI) approved the following acquisition:

i.Acquisition of AES’s 49% stake in Odisha Power Generation Corporation Ltd (OPGC) by Odisha Hydro Power Corporation Limited (OHPC)

  • CCI gave approval for this acquisition under Section 31(1) of the Competition Act, 2002.

ii.Acquisition of certain assets of the Prestige Group by affiliates of Blackstone Group Inc.

About Competition Commission of India (CCI):

Established by– The Central Government with effect from 14th October 2003
Headquarters– New Delhi, India
Chairman– Ashok Kumar Gupta