The Competition Commission of India approved Accenture's acquisition of a stake in Vodafone Shared Operations Ltd, on Wednesday.
"CCI approves the proposed combination involving the acquisition of shares of Vodafone Shared Operations by Accenture," the regulator said in a post on X, formerly known as Twitter.
C-2024/06/1163 CCI approves the Proposed Combination involving acquisition of shares of Vodafone Shared Operations by Accenture.#CCI #Mergers pic.twitter.com/qvzcPVy148
Vodafone Shared Operations, a division of Vodafone Group Plc, provides shared services to the Vodafone Group and its partner telecommunications companies.
Vodafone Group Plc announced in November a strategic partnership with Accenture to commercialise Vodafone's Shared Operations.
Further, the Dublin-based IT and consulting firm also said that it will invest 150 million euros for a minority stake in the partnership.
The new unit will utilise Accenture's world-class technology and transformation services, such as its digital solutions and platforms and deep AI expertise.
In another post on X, the competition watchdog also approved the acquisition of a stake in MTC Business Pvt. by Mitsui & Co. (Asia Pacific) Pte Ltd.
Mitsui & Co. (Asia Pacific) operates in various business areas, including iron and steel products, mineral and metal resources, etc. It is a wholly owned subsidiary of Tokyo-based Mitsui & Co. Ltd.
"Commission approves acquisition of certain equity share capital of MTC Business Private Limited by Mitsui & Co (Asia Pacific) Pte Ltd," CCI said.
C-2024/06/1161 Commission approves acquisition of certain equity share capital of MTC Business Private Limited by Mitsui & Co. (Asia Pacific) Pte. Ltd.#CCI #Mergers pic.twitter.com/wfyaUJqtNM
MTC Business is an Indian company engaged in the trading of ferrous and non-ferrous metal scrap, ferroalloys and base and minor metals in India and worldwide.
The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
(With Inputs From PTI)
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