This week’s anti-trust and privacy updates are as follows:
CCI approves Axis Bank acquisition of Citi Corp
The CCI, last week, approved Axis Bank’s Rs. 12,325 Cr. acquisition of Citi Bank NA and Citicorp Finance India Limited. Axis Bank, as per the deal, would be acquiring all of Citi’s consumer banking activities. Citi’s credit cards, personal loans and wealth management business would be transferred to Axis Bank. The acquisition is expected to close by September 2024.
CCI approves Greenforest acquisition of stake in TPREL
The CCI approved Greenforest New Energies Bidco Limited’s acquisition of stake in Tata Power Renewable Energy Limited (TPREL). The said acquisition of equity share capital of up to 11.43% came as a result of internal re-organisation of TPREL. The acquisition is an indirect investment by BlackRock Alternatives Management LLC, a leading US based asset management and advisory company, and Mubadala Investment Company PJSC, an Emirati sovereign wealth fund, through their investment vehicle- Greenforest.
CCI approves Google acquisition of stake in Airtel
The CCI approves Google LLC’s acquisition of 1.28% stake in Bharati Airtel Telecom through Google Investments LLC. The said acquisition is in non-controlling minority stake. Google and Airtel have entered into several commercial arrangement to invest around $300 million in Airtel’s various activities like manufacturing of affordable smart phones and cloud adoption.
Authored by Ipshita Bhattacharyya (Associate, BananaIP Counsels)
About BananaIP Counsels Trademark Attorneys
This Antitrust News Bulletin is brought to you by the Trademark/Copyright, and IP Transactional Strategy Divisions of BananaIP Counsels, a Top ranked IP Firm in India. BananaIP Counsels’ trademark attorneys are among the leading experts in the field. If you have any questions, or need any clarifications, please write to [email protected] with the subject: Antitrust News.
The weekly intellectual property law news initiative is a part of their pro bono work and is aimed at spreading awareness about intellectual property and allied laws. You are free to share the news with appropriate attribution and link back to the source.
Kindly note that the news bulletin has been put together from different sources, primary and secondary, and BananaIP’s reporters may not have verified all the news published in the bulletin. You may write to [email protected] for corrections and take down.