CCI penalizes General Electric (GE) for failure to notify its proposed acquisition of equity stakes in Alstom-

Competition Commission of India (CCI) by its order dated February 16, 2016 has penalized GE Energy Europe B.V., GE and GE Industrial France SAS (collectively, the “Acquirers”) for failure to notify a proposed combination in terms of Section 6(2)(b) of the Competition Act, 2002(Act) read with Regulation 5(8) of the Competition Commission of India(Procedure in…

Central Government notifies revised thresholds for Merger Control and extends Exemptions

The Ministry of Corporate Affairs, Govt. of India has made important revisions to the merger control regime in India. The following three Notifications were published in the Gazette of India on March 4, 2016. THRESHOLDS FOR NOTIFICATION REVISED– Through the first Notification, the Central Government has increased thresholds, both assets and turnover, for any transaction…

CCI approves acquisition of 49.86% stake in Sabarmati Gas Limited(SGL) by PSU petroleum companies –

CCI, by its order dated February 10, 2016, has approved acquisition of 49.86% stake in SGL by Gujarat State Petroleum Corporation Limited (“GSPC”); Gujarat State Petronet Limited (“GSPL”); and Bharat Petroleum Corporation Limited (“BPCL”).The stake proposed to be acquired in currently being held by India Infrastructure Development Fund (“IIDF”), India Infrastructure Fund (“IIF”) and IFCI…

CCI approves combination between Invesco Hong Kong Limited (Invesco HK) and Religare entities

CCI, by its order dated December 22, 2015, has approved the proposed proposed acquisition of shares of Religare Enterprises Limited (REL)in Religare Invesco Asset Management Company Private Limited (RI-AMC) and Religare Invesco Trustee Company Private Limited (RI-TC). The proposed combination relates to the increase in the existing shareholding of the Invesco HK from 49% to…

Competition & Antitrust – India

The Department of Telecommunications is seeking government exemption for the telecommunications sector from the ambit of the Competition Act 2002(Act). The move was triggered after the Competition Commission raised concerns over plans to allow automatic clearance of certain mergers and acquisitions for mobile phone companies. In December 2011 the Telecommunications Commission cleared a proposal by…

Are Merger Regulations Effective?

Both the merger control provisions of the Competition Act, 2002, notified by the ministry of corporate affairs (MCA) with relaxation to the thresholds and the draft merger regulations put out by the Competition Commission of India (CCI) are industry-friendly and allay some of the concerns of industry. Yet, worries remain. The first concern was the…

How Mergers Affect Competition

India’s new competition regulator, the Competition Commission of India (CCI) is getting ready to commence regulation of “combinations” (acquisition, acquiring control, mergers and amalgamations between enterprises above the threshold limits mentioned in section 5 of the Competition Act, 2002) and has decided to publish the implementing draft regulations for merger control shortly. Chairman, CCI has acknowledged that…