CCI okays BlackRock's proposal to acquire stake in Aditya Birla Renewables
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Fair trade regulator Competition Commission on Wednesday cleared global asset manager BlackRock's proposal to acquire a stake in Aditya Birla Renewables Ltd.
US-based BlackRock, through its affiliate GIP EM Star Pte Ltd, is acquiring a stake in the company.
Mumbai-based Aditya Birla Renewables, along with its subsidiaries, is engaged, inter alia, in the business of power generation through renewable energy resources, including solar and wind power.
"Commission approves the subscription of certain equity share capital of Aditya Birla Renewables Limited (ABReN/Target) by GIP EM Star Pte Ltd (Acquirer)," the Competition Commission of India (CCI) said in a release.
GIP EM Star Pte Ltd is owned by certain funds managed by Global Infrastructure Management (GIM). GIM is an indirectly majority-owned subsidiary of BlackRock, Inc.
BlackRock is in the provision of global investment management, risk management, and advisory services to institutional and retail clients around the world. It manages assets on behalf of institutional and individual investors worldwide.
In a separate release, CCI approves the proposed acquisition of additional shareholding of Valuedrive Technologies Pvt Ltd by Setu AIF Trust, Konark Trust, and MMPL Trust.
"The proposed combination entails the acquisition of certain additional shareholding (on a fully diluted basis) of Valuedrive Technologies Private Limited (Target) by Setu AIF Trust, Konark Trust, and MMPL Trust (Acquirers)," the regulator said.
Setu AIF Trust is a Sebi-registered alternative investment fund, while Konark Trust and MMPL Trust are both private trusts, acting through their respective trustees, that co-invest along with Setu AIF Trust.
Valuedrive Technologies is acting as an operating cum-holding company for the 'Spinny Group'. It is in the business of operating an electronic platform for sellers to provide details of used motor vehicles, which are purchased by Valuedrive and subsequently sold on a wholesale and business-to-business basis.
It also engaged in the provision of loans and lending services, distribution of motor insurance, printing and publishing of speciality magazines, online content and organising events with respect to the automotive sector; and certain ancillary and incidental services.
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.