On April 30, 2020 The Competition Commission of India(CCI) approved the acquisition of 49% of the fully diluted paid-up equity share capital and voting rights in and of Reliance BP Mobility Limited(RBPML) by BP Global Investments Limited(BP Global) under Section 31(1) of the Competition Act, 2002.Key Points
i.The transaction involves a transfer of RIL to RBPML and its group entities’ entire undertaking relating to owning, operating and conducting petroleum retail and related activities in India
ii.Acquisition of shares will be by way of acquiring the existing equity shares of RBPML from Reliance Industries Limited (RIL) and subscription by BP Global to fresh equity shares of RBPML.
iii.In addition to it certain specified mobile aviation business assets at certain airport locations will be transferred(currently owned & used by RIL) for RBPML to operate RIL’s aviation fuel business in India as a service provider.
About BP Global:
It is an investment holding company which holds shares in subsidiaries and associated companies & currently does not conduct any business operations in India.
Headquarters– London, United Kingdom
Chairman– Helge Lund
Chief Executive officer (CEO)– Bernard Looney
Gist about Competition Act, 2002:
It was enacted by the Parliament of India and replaced The Monopolies and Restrictive Trade Practices Act, 1969. It has been amended twice, The Competition (Amendment) Act, 2007 and The Competition (Amendment) Act, 2009.
Aim– to provide the framework for the establishment of the Competition Commission, to prevent monopolies and to promote competition in the market, to protect the freedom of trade for the participating individuals and entities in the market & to protect the interest of the consumer.
Headquarters– New Delhi, India
Chairman– Ashok Kumar Gupta