Competition Commission Approves Adani’s 23.5% Stake-Buy In Mumbai International Airport
Passengers cross a road with their luggage, outside an airport in India. (Source: PTI)

Competition Commission Approves Adani’s 23.5% Stake-Buy In Mumbai International Airport

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The Competition Commission of India on Thursday approved Adani Properties' acquisition of 23.5 percent stake in the country's second busiest aerodrome Mumbai International Airport.

Adani Properties has acquired the shares from Mauritius based Bid Services Division and ACSA Global Ltd.

As per the combination notice filed with the fair trade regulator, the transaction involves acquisition of shares through two separate share purchase agreements.

While Adani is buying 13.5 percent stake in Mumbai International Airport from Bid Services Division, the rest 10 percent has been acquired from ACSA, as per the notice said.

In a separate tweet, CCI said it "approves merger of the BNP Paribas Mutual Fund and the Baroda Mutual Fund".

Bank of Baroda and BNP Paribas Asset Management in a joint statement in October had said they entered into binding agreements.

The strategic alliance would allow both companies to leverage each other's strengths to offer products specially designed for retail and institutional clients in India, they had said.

Baroda Asset Management is a wholly-owned subsidiary of Bank of Baroda, while BNP Paribas Asset Management India is an entity of BNP Paribas Asset Management Asia.

The regulator has also given nod to "secondary acquisition of additional 3.28 percent of the issued and paid up share capital of Delhivery Private Limited by SVF Doorbell (Cayman) Ltd".

In February 2019, CCI had approved SVFD's subscription to compulsorily convertible preference shares amounting to 22.44 percent of the total shareholding of DPL (Delhivery Pvt Ltd) on a fully diluted basis.

"Accordingly, subsequent to the investment, SVFD will hold up to approximately 25.72 percent the issued and paid up share capital of DPL on a fully diluted basis," CCI said.

Further, in another tweet, the regulator approved "subscription to securities of Ecom Express Private Limited by CDC Group plc".

CDC is a development finance institution, wholly owned by the U.K. government, which provides scarce and patient capital to private sector entrepreneurs in developing countries, the combination notice said.

Besides, Ecom Express is engaged in third party logistics services including delivery services and e-Know Your Customer facilitation for the customers of banks, non-banking financial companies and other companies that require such services among others, it added.

Also read: Battle For Stake In Mumbai Airport: High Court Refuses Interim Relief To Adani Group

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