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)
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