On December 30, 2020 The Competition Commission of India (CCI) approved the following acquisition under Section 31(1) of the Competition Act, 2002.
TPG Growth V SF Markets Pte. Ltd. Acquires About 8% Stake in API Holdings Private Limited
CCI gave the approval to the acquisition of about 8% equity shareholding in API Holdings Private Limited by TPG Growth V SF Markets Pte. Ltd.
The Acquirer would be jointly funded by TPG (i.e. TPG Global, LLC and its affiliates) and Korean Investment Corporation.
Jamnalal Sons Private Limited Acquires 51% equity share Capital of Mukand Sumi Special Steel Limited
CCI gave approval to the acquisition of 51% of equity share capital of Mukand Sumi Special Steel Ltd(MSSSL) by Jamnalal Sons Private Ltd ( JSPL).
Proposed Combination
i.Firstly, JSPL will acquire 51% of the equity share capital of MSSSL from Mukand Limited (Mukand) and its nominees.
- It is to be noted that JSPL and Mukand are part of the same group.
ii.After this, a nominal number of MSSSL equity shares(not more than 60), that are being acquired by JSPL, will be jointly held by JSPL and certain individuals, so as to abide by the minimum shareholding requirements under the Companies Act, 2013.
Info about the Companies:
TPG Growth V SF Markets Pte. Ltd
i.It is a newly incorporated special purpose investment vehicle in Singapore.
ii.Till now, it does not have any physical presence and investments in India.
iii.It will be jointly funded by TPG Global, LLC and its affiliates and Korean Investment Corporation.
API Holdings Private Limited
It is a company incorporated in India and is the parent entity of API Holdings group.
It carries out different business activities including wholesale sale and distribution of drugs, among others directly or through its subsidiaries.
Jamnalal Sons Private Limited
It is an unregistered core investment company that holds shares in many Bajaj Group Companies.
It is mainly an investment and lending company and does not engage in the manufacturing or trading of any goods.
Mukand Sumi Special Steel Limited
It does manufacture, sell, distribute etc., the special and alloy steel hot rolled bars and hot rolled wire rods.
Recent Related News:
On November 12, 2020, The Competition Commission of India (CCI) under Section 31(1) of the Competition Act, 2002 has approved the acquisition of 7.73% equity share capital of Jio Platforms Limited (JPL) by Google International Limited Liability Corporation-LLC (GIL).
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
