Competition Commission Clears Amazon’s Stake Buy In Quess Corp
Acquisition undertaken solely as an investment in the ordinary course of its business: CCI.
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Fair trade regulator Competition Commission of India has cleared the acquisition of equity share capital of Quess Corp by Amazon.com NV Investment Holding LLC.
Quess Corp in a regulatory filing on July 12 had said its board has approved the issuance of over 7.54 lakh equity shares to Amazon.com NV Investment Holdings LLC for an aggregate amount of around Rs 51 crore at an issue price of Rs 676 apiece by way of a preferential allotment.
It had further added that the investment will be going to Quess Corp's wholly-owned subsidiary Qdigi Services Ltd.
The regulator in a tweet on Monday said it "approves acquisition of 0.51 percent of the equity share capital of Quess Corp Limited by Amazon.com NV Investment Holding LLC."
"The proposed transaction involves the acquisition of a minority non-controlling investment by the acquirer, undertaken solely as an investment in the ordinary course of its business," according to a combination notice filed with the CCI.
Amazon.com NV Investment Holding LLC is an "investment holding company which is globally engaged in the business of making investments and is also registered as a foreign portfolio investor in India," the notice added.
Quess Corp Group and its subsidiaries are engaged in various activities in the market for provision of facilities management services in India, CCI said.