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, 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…
As part of its ongoing efforts to make M&A filing requirements simpler and readily acceptable to various stakeholders, CCI has further revised its Combination Regulations today, making them more forward looking,thereby making them further robust and Industry friendly. The Gazette notification was issued on 8th January but published today in the website of the Ministry…
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…
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…
Recently, after the competition watchdog-Competition Commission of India (CCI) raised concerns over the telecom ministry’s plans to allow mergers and acquisitions (M&As) if the combined market share of merged mobile phone companies was up to 35% but less than 60%, the Telecom department has reportedly approached the Union Cabinet seeking exemption under the purview of…
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…
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…
