Fair-trade regulator CCI approves for acquisition of Tower Vision India

Fair-trade regulator CCI on Wednesday granted approval for the acquisition of 100 per cent shareholding of Tower Vision India by Ascend Telecom Infrastructure and GIP EM Ascend 2 Pte Ltd.

Ascend Telecom Infrastructure and GIP EM Ascend 2 Pte Ltd are funds and investment vehicles owned and controlled by Global Infrastructure Management LLC.

The proposed combination pertains to acquisition by Ascend Telecom Infrastructure Pvt Ltd (Ascend) and GIP EM Ascend 2 Pte Ltd (GIP EM) of 100 per cent of the shareholding of Tower Vision India Pvt Ltd, according to an official release.

Tower Vision India is controlled by Tower Vision Mauritius Ltd and is engaged in the provision of passive telecommunication infrastructure services.

Separately, the regulator has given its nod to the acquisition by Sanjay Chamria of certain equity shares of Jaguar Advisory Services held by Poonawalla Fincorp Ltd and HDI Global SE.

After acquiring the shares of Jaguar, it will result in an indirect acquisition by Chamria of 5.44 per cent of the equity share capital of Magma HDI General Insurance Company Ltd (Magma HDI).

In another release, the Competition Commission of India (CCI) said it has cleared the deal.

Sanjay Chamria invests directly and through entities owned by him in various listed and unlisted enterprises.

Jaguar is engaged in the business of provision of manpower supply services while Magma HDI is in the business of offering general/non-life insurance products.

Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices in the marketplace.