The Competition Commission of India (CCI) on Tuesday approved three acquisitions i.e. acquisition of a 1.74% stake of Lenskart Solutions Private Limited by Kedaara Capital Fund III LLP. The competition regulator has also approved the acquisition of a majority stake by Zonnebars in Indira IVF, the country’s largest fertility clinic.
According to an official statement, the acquisition by Kedaara Capital will be on a fully diluted basis. Kedaara Capital Fund is a SEBI (securities and exchange board of India)- registered private equity fund. Lenskart is involved in the manufacturing and trading of eyewear products including eyeglasses, sunglasses and eyewear accessories.
The regulator has also approved the acquisition of a majority stake in Indira IVF by Zonnebaars and the amalgamation of Spaceway Wellness into Indira IVF. According to the regulator, Zonnebaars is a part of the EQT group of investment funds, which together with its subsidiaries and funds is a global investment organisation. This comes months after private equity firm BPEA EQT in July acquired a 60% stake in Indira IVF, the country’s largest fertility clinics from TA associates and promoters at a valuation of about $1.1 billion. BPEA EQT has paid over $600 million as part of the deal. Following the transaction, the promoters will hold a minority stake in the company.
Founded in 1988 by Ajay Murdia, Kshitiz Murdia and Nitin Murdia, Indira IVF is primarily engaged in the provision of fertility and in vitro fertilisation treatment through its hospitals/centres across India. Spaceway is one of the promoters of Indira IVF.
Meanwhile, the competition regulator has also approved the proposed acquisition of 100% shareholding of Lanco Amarkantaka Power Limited by PFC Projects Limited (PPL), REC Limited, SJVN Limited and Damodar Valley Corporation.
PPL is a wholly-owned subsidiary of the government-owned Power Finance Corporation Limited (PFC). PPL has been set up to, inter alia, carry out the business of power generation and distribution.
REC is a subsidiary of PFC. It is presently a non-banking financial company categorized as an infrastructure finance company by the Reserve Bank of India.
SJVN is a listed company held by the Government of Himachal Pradesh and public shareholders. At present, SJVN is implementing and operating projects in, inter alia, the States of Himachal Pradesh, Uttarakhand, Bihar, Maharashtra, and Uttar Pradesh.
DVC is a statutory corporation set up under the Damodar Valley Corporation Act, 1948. It is engaged in the businesses of, inter alia, power generation, transmission, and water management in India.
LAPL is an unlisted public limited company engaged in power generation in India.
Last month, the regulator also approved the merger of Tata SIA Airlines Limited, which operates Vistara, with Air India subject to certain conditions. The development paves the way for Tata Group to consolidate all the airlines under one umbrella.