Page 2 - Cci

Temasek seeks CCI approval to buy stake in foodtech firm Rebel Foods

Singapore's sovereign wealth fund Temasek Holdings has sought approval from the Competition Commission of India (CCI) for acquiring a stake in foodtech company Rebel Foods. Temasek Holdings, through its arm Jongsong Investments Pte, is acquiring a stake in Rebel Foods -- which owns Faasos, Behrouz Biryani, Oven Story and other cloud kitchens. "The proposed transaction entails the subscription of certain compulsorily convertible preference shares and the acquisition of equity share capital of the Rebel Foods Pvt Ltd (Target)," said a notice filed with the CCI on October 11. The proposed transaction is in the nature of an acquisition of shares, voting rights and falls under the Competition Act, 2002, Temasek said in the notice. "...transaction does not give rise to any competition law concerns irrespective of the manner in which the markets are defined," it added. However, to help fair trade regulator CCI in its assessment of the proposed transaction, Temasek has identified several

CCI approves JM Financial's 43% stake buy in JM Fin Credit Solutions

Fair trade regulator CCI on Tuesday cleared JM Financial's proposed acquisition of a 43 per cent stake in JM Financial Credit Solutions Ltd. JM Financial Credit Solutions is an RBI-registered systemically important non-deposit-taking non-banking finance company (NBFC). It is a subsidiary of JM Financial Ltd (JMFL). It is engaged in wholesale lending activities with a primary focus on real estate financing and corporate financing. "The proposed combination envisages acquisition of 42.99 per cent of the total paid-up share capital of JM Financial Credit Solutions Ltd (JMFCSL) by JM Financial Ltd (JMFL)," CCI said in a release. JMFL, a BSE and NSE-listed entity, is the operating cum holding company of the JM Financial Group, that provides integrated and diversified financial services on its own and through its subsidiaries. Its primary business includes investment banking business, and private equity fund management, along with undertaking operations of private wealth and portfolio .

CCI approves Mankind Pharma's purchase of Bharat Serums for $1.6 bn

Mankind Pharma, which has brands including Manforce condoms and Prega News pregnancy tests, signed an agreement to acquire Bharat Serums

CCI's latest merger overhaul may push deal timelines, increase filings

The amendments bring welcome changes like shorter assessment timelines and CCI hearings, but experts believe they may hinder ongoing deals and increase workload

TIGA Investments receives CCI's clearance to acquire stake in Dream11

The Competition Commission of India (CCI) has granted a nod to Singapore-based TIGA Investments' proposal to acquire a stake in Dream11's parent company Dream Sports Inc. The deal was cleared by CCI under the green channel route. The transaction pertains to the purchase by Tiga Acquisition Corp III (Tiga) of certain preferred stock of Dream Sports Inc (DSI), along with certain rights, from an existing shareholder of DSI, the regulator said in a notice on September 23. However, the fair trade regulator CCI did not reveal the name of the existing shareholder. The US-based Dream Sports conducts its operations through its subsidiary in India, Sporta Technologies Pvt Ltd. DSI, a sports tech company, owns a portfolio of leading brands like Dream11 and FanCode. Sporta is primarily involved in the provision of online gaming and allied digital engagement services in India. TIGA Investments (TIGA) focuses on making long-term investments in differentiated businesses with strong management .

TVS Holdings, 2 others get CCI clearance to buy stakes in Home Credit India

The Competition Commission of India (CCI) on Tuesday approved the proposed acquisition of stakes in Home Credit India Finance by TVS Holdings, STPL, Premji Invest Group as well as other related transactions. The deal includes acquisition of 80.74 per cent, 8.47 per cent and 10.79 per cent of the issued and paid-up share capital of Home Credit by each of TVS Holdings Ltd (TVSH), STPL Trading and Services Pvt Ltd (STPL), and PI Opportunities Fund-II (PIOF), respectively. The regulator also granted its nod for the acquisition of 2.6 per cent, 4.3 per cent, 2.7 per cent, and 90.4 per cent of the equity share capital of STPL by K Gopala Desikan, Anuraag Agarwal, V Ganesh, and GWCF, respectively. The proposed combination involves acquisition of 100 per cent of the issued and paid-up share capital of Home Credit India Finance Pvt Ltd (Home Credit) by TVSH, STPL, K Gopala Desikan, Anuraag Agarwal, V Ganesh, and GWC Family Fund Investments Pte Ltd (GWCF) (STPL Acquirers) and PIOF, CCI said i

Consumer Affairs Ministry examining quick commerce competition issues

Commerce and Industry Minister Piyush Goyal had said in August that the government is not opposed to e-commerce but is focused on ensuring fair competition between online and offline businesses

DPIIT refers complaint against quick e-commerce players to CCI: Report

DPIIT, which comes under the commerce and industry ministry, has referred a complaint of alleged unfair business practices against quick commerce players to the Competition Commission, according to sources. The complaint was submitted by the All India Consumer Products Distributors Federation (AICPDF) to the Union Commerce and Industry Ministry. Quick commerce platforms are those that typically deliver goods within 10 to 30 minutes. The Competition Commission of India (CCI), which works to ensure fair business practices across sectors in the marketplace, is already looking into alleged anti-competitive ways of e-commerce companies. The sources in the know on Friday said the Department for Promotion of Industry and Internal Trade (DPIIT) has referred a complaint made against quick commerce players to CCI. There was no immediate comment from CCI on the issue. When contacted for comments on the complaint, AICPDF President Darshil Patil said he has come to know that the letter writte

Govt notifies amendments in competition law related to CCI probe procedure

The government has notified a provision in the amended competition law related to investigation procedure whereby regulator CCI can issue show cause notices to parties concerned as well as grant them time to respond before passing a final order. The Competition Act, implemented by the corporate affairs ministry, was amended in April 2023 and subsequently, various provisions as well as related regulations have been notified. In a notification, the ministry said "provisions of clause (f) of section 19 of the said Act shall come into force," from September 19. This section pertains to the procedure for investigation by the Competition Commission of India (CCI). Upon completion of the investigation, the regulator can pass an order closing the matter or pass an order under Section 27. Under Section 27, CCI can penalise entities for anti-competitive practices. "Provided that before passing such order, the Commission shall issue a show cause notice indicating the contraventions alleged t

Google's plea against CCI order in android mobile case mentioned in SC

Google LLC on Thursday told the Supreme Court that the arguments in the case related to the tech giant's alleged anti-competitive practices in the Android mobile device matter may take five-six days. On March 29 last year, the National Company Law Appellate Tribunal (NCLAT) had handed out a mixed verdict on Google's alleged anti-competitive practices in the case -- upholding a fine of Rs 1,338 crore but scrapping conditions like allowing hosting of third-party app stores on its Play Store. The top court is seized of cross-pleas of Google and the Competition Commission of India (CCI) challenging a verdict of an appellate tribunal in a case related to the tech giant's alleged anti-competitive practices in the Android mobile device matter. A bench comprising Chief Justice D Y Chandrachud and justices JB Pardiwala and Manoj Misra has already listed the cross-pleas for hearing on Thursday. The pleas, however, are unlikely to reach for hearing during the day as the bench is seized of ...

CCI can appoint agencies to monitor implementation of its orders

Section 48A and 48B relate to commitment and settlement, respectively. Section 31 refers to orders on mergers and acquisitions

CCI selects Management Development Institute to conduct market study on AI

Fair trade watchdog CCI has selected the Management Development Institute Society (MDIS) to conduct a market study on artificial intelligence and competition that will examine various aspects, including potential competition issues in the AI ecosystems. In April this year, the Competition Commission of India (CCI) had issued a request for proposal to conduct the market study on Artificial Intelligence (AI) and Competition. The Gurugram-based MDIS has been engaged to conduct the study that will seek to understand certain key AI ecosystems, including stakeholders, resources, value chains, market structures and parameters of competition, CCI said in a release on Friday. It will also examine the emerging and potential competition issues in these markets/ecosystems as well as look at the scope and nature of AI applications/use cases, and assess associated opportunities, risks and ramifications from a competition standpoint. Among other aspects, the study will focus on the existing and .

CCI gives nod to Dixon Technologies to acquire stake in Aditya Infotech

Fair trade regulator CCI on Tuesday granted its approval to Dixon Technologies' proposal to acquire a stake in Aditya Infotech Ltd. Dixon Technologies (India) Ltd is involved in the business of providing Electronic Manufacturing Services (EMS). It provides EMS for lighting solutions, television, washing machines, security systems, wearables and hearables, among others. The regulator also cleared the acquisition of a stake in AIL Dixon Technologies by Aditya Infotech Ltd (AIL). "Commission approves the subscription of certain shares of Aditya Infotech Ltd (AIL) by Dixon Technologies (India) Ltd and the acquisition of certain shares of AIL Dixon Technologies Pvt Ltd by AIL," CCI said in a post on X. AIL Dixon Technologies is a joint venture (JV) company between AIL and Dixon Technologies India. It is engaged in manufacturing and assembling of ESS. During FY24, the JV recorded a revenue of Rs 632.62 crore. Aditya Infotech is engaged in the business of sourcing, distributing and marke

Digital firms with Rs 500 crore turnover must seek CCI approval for M&As

Any transaction where the "deal value" exceeds Rs 2,000 crore would be notifiable for the CCI's approval, provided that the target entity has "substantial business operations" in India

M&A deal value of over Rs 2,000 crore comes under Competition Act

The government aims to scrutinise mergers that might escape under the traditional "asset" or turnover-based thresholds

CCI gives nod to $8.5 bn Disney-Reliance media assets merger deal

CCI's nod comes with subject to "certain voluntary modifications"

Aiming to enhance efficiency, CCI proposes changes to recruitment rules

The Competition Commission of India has proposed changes to the recruitment rules, aiming to support the regulator's professional and administrative capacities in light of its growing obligations. These modifications are a vital step towards improving the CCI's effectiveness, given its enlarged mandate. The draft amendments pertain to the CCI (Salary, Allowances, Other Terms and Conditions of Service of the Secretary and Officers and Other Employees of the Commission and the number of such Officers and Other Employees) rules. These changes necessitate the recruitment of additional officers at the feeder level to ensure efficient and timely bound manner. In a consultation paper released by CCI, the regulator proposed "introduction of direct recruitment at level-10 and level-8 of the 7th Central Pay Commission (CPC) for professional and administrative stream officers, respectively". "For IT stream, it is proposed to have direct recruitment at Level-10 of 7th CPC", it added. The ...

CCI seeks Apple's reply on alleged violation of competition norms

Fair trade watchdog CCI has sought a reply from Apple on the investigation report which has found that the technology major allegedly violated competition norms with respect to its App Store, according to sources. The sources said the supplementary investigation report by the regulator's Director General (DG) has concluded that Apple allegedly abused its market dominance in the relevant market, violating various provisions of Section 4 of the competition law. In December 2021, Competition Commission of India (CCI) ordered a detailed probe against Apple after prima facie finding that the company abused its market dominance. The sources said the regulator was not satisfied with the initial report submitted by the DG and sought another probe on specific aspects. The supplementary investigation report was submitted to the CCI in June, they added. The watchdog has sent the non-confidential version of the report to Apple for its reply, the sources said and added that final hearings will

CCI sends antitrust queries to Reliance, Disney for $8.5 bn merger: Report

The CCI has also asked the companies details on which entity owns which sports rights and for how long, as well as information on who had bid for them previously

CCI antitrust probe finds Apple abused position in apps market: Report

The Indian investigation report comes as Apple faces increased antitrust scrutiny in other regions