The Competition Commission of India (CCI) announced on Tuesday that it has sanctioned the proposed acquisition of a stake in WeWork India Management by Real Trustee Advisory Company. "The CCI has sanctioned the acquisition of a specific share capital of WeWork India Management (WeWork India) by Real Trustee Advisory Company (Real Trustee), acting as trustee for Volrado Venture Partners Fund II (Volrado II)."
"...Volrado Venture Partners Fund III - Beta (Volrado III) and other independent co-acquirers, and 100 per cent share capital of 1 Ariel Way Tenant LTD. by Embassy Buildcon LLP," CCI said in a release.
The Competition Commission of India said it has approved the proposed deal.
Embassy Buildcon is engaged in the business of real estate development of residential and commercial assets and other related activities.
WeWorkIndia operates in flexible workspaces and digital real estate workplace solutions for companies.
OAW holds shares of WeWork India on behalf of WeWork International.
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.
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