Competition Commission of India (CCI) cleared six transactions, according to separate official statements. The approvals show the regulator has found a solution to the shortfall in its quorum requirement after seeking legal opinion from the law ministry.
The Commission at present has only two members including the acting Chairperson and the government is in the process of finging a new Chairperson. Based on the legal opinion received, CCI is now able to clear transactions with two members
This Commission said it approved subscription of compulsorily convertible preference shares of Hero Future Energies Global Limited by Ardor Holdings II Pte. Ltd.
Ardor Holdings II Pte. Ltd. (Purchaser) is a special purpose vehicle, indirectly wholly-owned by entities managed by various subsidiaries of KKR & Co. Inc.
Hero Future Energies Global Limited is a private company incorporated in England and Wales. Its principal business activity is setting up or acquisition of plants and projects engaged in solar power generation and wind power generation.
CCI also cleared acquisition of 100% equity and preference shares of Lanco Anpara Power Limited by Megha Engineering and Infrastructures Limited (MEIL). The deal involves acquisition of 100% of the equity and preference shares of Lanco Anpara Power by MEIL or its wholly-owned subsidiary.
CCI also cleared the acquisition of 20% equity share capital of Keimed Private Limited (Keimed) by Ms. Shobana Kamineni through Prime Time Logistics Technologies Private Limited (PTL).
The proposed combination relates to acquisition of around 20% of Keimed’s issued and paid-up equity share capital by Shobana Kamineni through PTL from Mitsui & Co. (Asia Pacific) Pte. Ltd.
CCI also cleared the internal restructuring involving certain subsidiaries of Keimed Private Limited. CCI also gave its green signal to acquisition of upto 25% shareholding in Hindustan Ports Private Limited (HPPL), by National Investment and Infrastructure Fund and proposed merger of Hindustan Infralog Private Limited (HIPL) into HPPL.
