CCI approves minority stake acquisition in Lenskart by Dove Investments

Fair-trade regulator CCI has approved the minority stake acquisition in Lenskart Solutions by Dove Investments, Defati Investments Holding BV and Infinity Partners.

The proposed combination relates to Dove Investments, Defati Investments Holding BV and Infinity Partners' minority acquisition of certain equity shareholding of Lenskart, a notice filed with the CCI said on Monday.

Lenskart Solutions Pvt Ltd (LSPL) is engaged in the business of manufacturing, sale and wholesale trading of eyewear products, while Dove Investments, Defati Investments Holding BV and Infinity Partners are private equity investors.

Separately, the regulator has cleared the acquisition of securities of a newly incorporated entity of Mahindra & Mahindra Ltd by the World Bank Group arm IFC.

 

The combination pertains to IFC proposing to subscribe to certain compulsorily convertible preference shares (CCPS) of the new unit of Mahindra & Mahindra.

In March, Mahindra & Mahindra announced that the World Bank Group arm IFC will invest in a new unit of the company, which is being incorporated to scale up the last-mile electric mobility business.

International Finance Corporation (IFC) is a multilateral financial institution.

The Competition Commission of India (CCI) said it has approved both deals under the green channel route.

"Given that there are no horizontal overlaps or complementary linkages between the parties to the proposed transaction, the proposed transaction does not raise any risk of an appreciable adverse effect on competition in any relevant market and is being notified under the green channel route," according to an update on CCI website.

Under the green channel route, a transaction which does not raise any risk of an appreciable adverse effect on competition is deemed to be approved on being intimated to the anti-trust regulator.