On 23rd March 2023, the Competition Commission of India (CCI) approved, under the green channel route, the Abu Dhabi Investment Authority’s (ADIA) acquisition of a stake in Lenskart Solutions Private Limited (LSPL).
Acquirer- Platinum Jasmine A 2018 Trust (acting through its trustee, Platinum Owl C 2018 RSC Limited) (Platinum Jasmine).
Abu Dhabi Investment Authority (ADIA) is the sole beneficiary and settlor of Platinum Jasmine.
Target- Lenskart Solutions Pvt Ltd(LSPL)
Highlights:
i. The proposed transaction relates to the proposed acquisition of a certain shareholding of LSPL by Platinum Jasmine.
ii. The Proposed Transaction is in the nature of an acquisition of shares and is notifiable under Section 5(a)(i)(A) of the Competition Act, 2002 (Act).
Green Channel Notification:
The Proposed Transaction is being notified under the green channel route in terms of Regulation 5A and Schedule III of the Competition Commission of India (Procedure in regard to the transaction of business relating to Combinations) Regulations, 2011 (as amended).
About Platinum Jasmine:
i. Platinum is a restricted scope company (private limited company), incorporated in the Abu Dhabi Global Market (ADGM).
ii. It is acting in its capacity as trustee for Platinum Jasmine, which was created in accordance with the ADGM’s laws by a deed of settlement dated 27 January 2019.
About Lenskart Solutions Pvt Ltd(LSPL):
i. LSPL is a company limited by shares and was incorporated in 2008.
ii. LSPL is engaged in the primary business of manufacturing and selling eyewear products and the secondary business of wholesale trading of eyewear products.
CCI clears Proposed Investment by Qatar Investment Authority in BTS Investment 1 Pte
On 23rd March 2023, the Competition Commission of India (CCI) approved the proposed investment by Qatar Investment Authority(QIA) in BTS Investment 1 Pte (BTS1), a Singapore-based pooled vehicle.
Acquirer- INQ Holding LLC, a limited liability company, incorporated in Qatar and a wholly owned subsidiary of Qatar Investment Authority (QIA).
Targets- BTS Investment 1 Pte. Ltd. (BTS1) and Viacom 18 Media Private Limited (Viacom 18).
Highlights:
i. The proposed transaction relates to the proposed investment by QIA in BTS1, which is proposing to raise capital from various investors for its investment in Viacom 18.
ii. The Proposed Transaction is in the nature of acquisition and falls under Section 5(a) of the Competition Act, 2002 (Competition Act).
Green Channel Filing:
i. QIA and Target Entities(BTS1 & Viacom 18) including their affiliates do not have any horizontal overlaps, vertical relationships, or complementary businesses in India.
- The Proposed Transaction is being filed as a Green Channel Filing.
ii. The Proposed Transaction raises no risk of any adverse effect on competition as per Section 6(1) of the Competition Act.
About INQ Holding LLC/Qatar Investment Authority:
i. INQ Holding LLC is a Qatari-domiciled holding company and a wholly owned subsidiary of QIA.
- QIA is among the largest sovereign wealth funds globally.
ii. QIA makes investments across a wide range of asset classes and regions as well as in collaboration with top institutions around the world to build a global and diversified investment portfolio with a long-term perspective that can produce sustainable returns and contribute to the prosperity of the State of Qatar.
Target Entities:
About BTS1:
i. BTS1 is a company incorporated under the laws of Singapore.
ii. It is currently in the process of raising capital from various investors including reputed sovereign funds, multinationals, and global institutional investors.
About Viacom 18:
Viacom 18 is engaged in providing the following services in the media and entertainment sector in India
Recent Related News:
The Competition Commission of India (CCI) approved the acquisition of 100% of issued and outstanding share capital and sole control of VGP Holdings LLC, a subsidiary of Valvoline Inc, by Saudi Arabian Oil Company (Saudi Aramco) through Gateway Velocity Holding Corp(Gateway) and Aramco Overseas Company B.V. (AOC) from Valvoline Inc.
About the Competition Commission of India (CCI):
Acting Chairperson- Sangeeta Verma
Headquarters- New Delhi, Delhi
Establishment- 14th October 2003 (Operational from 2009).
