CCI Approves Acquisitions In Beverage, Insurance And Automotive Components Sectors
The regulator said that its detailed orders for all the acquisitions will soon follow.
The Competition Commission of India on Tuesday approved three proposed acquisitions that pertain to various sectors like the non-alcoholic beverage space, the life insurance industry, and the automotive components manufacturing sector.
In the non-alcoholic beverage space, CCI approved the proposed acquisition of some businesses of Hindustan Coca-Cola Beverages Pvt. by Kandhari Global Beverages Pvt.
The target business divisions are involved in preparing, packaging, supplying and distributing non-alcoholic beverage products in North Gujarat and the Union Territory of Diu, the commission’s press release stated.
The acquisition will help the acquiring company—which is engaged in the business of supplying and distributing non-alcoholic beverage products in Rajasthan—to expand its business.
Kandhari Global Beverages is an authorised bottler of The Coca-Cola Company and Schweppes Holdings Ltd.
The competition regulator also cleared the proposition by 360 ONE Private Equity Fund to acquire certain equity shares of Bharti Axa Life Insurance Co. through its schemes or affiliates.
The transaction will be carried out in two parts. First, 360 Fund will acquire equity shares of the target from Bharti Life Ventures Pvt. Subsequently, 360 ONE and Bharti Life Ventures will subscribe to certain equity shares in Axa Life Insurance Co., the statement said.
360 ONE WAM Ltd. controls 360 AAML, which provides investment management services to entities including the 360 Fund.
The antitrust regulator on Tuesday had also approved Bharat Forge Ltd.'s proposed acquisition of 100% equity shareholding in AAM India Manufacturing Corp.
However, CCI approved the proposed combination “subject to compliance of voluntarily modifications offered by the parties”, the press release stated.
However, before the acquisition, AAMCPL will hive off its ‘Pune Business Office’, which provides IT support and product engineering services, as well as its components business division.
At the same time, the target company AAMCPL will acquire the e-axle assembly lines from AAM Auto Component India Pvt., another wholly owned subsidiary of AAM Holdco in India.
Shares of 360 ONE WAM Ltd. closed 6.26% higher at Rs 1,013.40 apiece on the BSE, while those of Bharat Forge Ltd. closed 0.84% higher at Rs 1,103.05 apiece, compared to a 0.25% advance in the benchmark Sensex.
