Search Result for : Cci

The Dollar Business Bureau  The Competition Commission of India (CCI) has found Hyundai Motor India Limited (HMIL) for imposing arrangements upon its dealers which resulted in the inclusion of Resale Price Maintenance in the sale of passenger cars manufactured by  it. The arrangements also included monitoring of the maximum permissible discount levels through a Discount Control Mechanism. Further, HMIL was found to have instructed its dealers to use recommended lubricants/ oils and penalising them for use of non-recommended lubricants and oils.  The CCI has passed the final order after examining the information filed by the dealers of HMIL, Fx Enterprise Solutions India Pvt. Ltd. and St. Antony’s Cars Pvt. Ltd.  Apart from issuing a cease and desist order against HMIL, CCI has imposed ...

The Dollar Business Bureau Competition Commission of India (CCI) on Tuesday approved the proposed purchase of 2% stake in handset-manufacturer Micromax by Madison India Opportunities Trust Fund (MIOTF), in addition to three other deals involving different companies.   The regulator on Monday said in a tweet that it has approved "acquisition of equity stake in Micromax Informatics Limited by Madison India Opportunities Trust Fund". MIOTF is registered as an Alternative Investment Fund with the capital market.   Meanwhile, CCI has also approved ICU Medical Inc’s buying of drug major Pfizer's hospira infusion systems business. Pfizer now owns about 16.6% of ICU Medical, according to the company’s October press release.  CCI has also cleared acquisition of Pfizer Inc's Hospira Infusion Systems business by ICHOSPIRA U Medical Inc, the ...

The Dollar Business Bureau The Competition Commission of India (CCI) has approved the proposed acquisition of Emerson Electric's Network Power business by Platinum Equity and a group of co- investors.  With the deal valued at $4 billion, Emerson would retain a subordinated interest in Network Power business. The transaction agreement is structured as a stock and asset purchase pact.  The St. Louis-based company in August announced the sale of its two assets for $5.2 billion. The remaining $1.2 billion will be invested by Japan’s Nidec Corp. for two businesses that produce alternators, drivers and motors. Emerson took this decision to overhaul its business, as it now looks to concentrate on industrial automation and consumer products. Emerson’s disappointing earnings growth in June last year led it to decide ...

The Dollar Business Bureau | The world's biggest maker of cement, LafargeHolcim Ltd, said on Monday that it will sell its share in the Lafarge India to detergent and soap maker, Nirma Ltd, for an enterprise value of around $1.4 billion (Rs.9300 crores), in line with its divestment programme. Lafarge India has three plants of cement and two grinding stations, which have a capacity to produce around 11 million tonnes per year. The company also sells aggregates and is one of India’s largest manufacturers of ready-mix concrete. “LafargeHolcim Ltd announces that it has signed a letter of agreement with Nirma Ltd to divest its stake in Lafarge India for an enterprise value of about $1.4 billion,” Lafarge said in ...

The Dollar Business Bureau Competition Commission of India (CCI) has given its approval to the deal of Future Consumer Enterprise’s acquisition of consumer products division of Grasim Industries. The Kishore Biyani-led Future Consumer Enterprise has got the approval of CCI to purchase the business division of consumer products of Grasim Industries, a flagship company of Aditya Birla Group. Future Consumer Enterprise, a part of Future Group, operates some of the most popular retail networks in India and is involved in the business of branding, sourcing, marketing and distribution of grocery, food and FMCG products. A diversified firm, Grasim Industries Ltd is engaged in viscose staple fibre, chemicals and cement, among other products. The consumer product division of the company deals in baby wipes, ...

The Dollar Business Bureau The Competition Commission of India (CCI) on Monday cleared the multi-billion dollar deal of Blackstone to acquire more than 50% stake in Mphasis from Hewlett Packard (HP) enterprise. The regulator declared on its website that it has cleared the deal and that Marble II Pte Ltd., a part of Blackstone Group, would complete this acquisition. In April, Blackstone had announced that it will acquire around 50% stake of Hewlett-Packard Enterprise (HPE) in Mphasis for over Rs.7,071 crore, marking it the largest IT deal for a US-based firm in India.  HP owns 60.5% stake in Mphasis. Blackstone may pay a purchase price of Rs.430 per share to Hewlett-Packard Enterprise. This transaction would generate a mandatory open offer for a purchase of other 26% ...

The Dollar Business Bureau Competition Commission of India (CCI) has given its approval to the acquisition of DuPont’s copper fungicide business by Kocide, a fully-owned arm of Japan-based Mitsui & Co Ltd. Kocide LLC was established in July 2014 for the purpose of acquiring copper fungicide worldwide. As per the combination document available with the CCI, the company does not have any business activities in India. CCI, a government body responsible to prevent activities that have an adverse effect on competition in India, in a tweet, said that it has given its approval to the "acquisition of DuPont’s copper fungicide business by Mitsui and Kocide". The regulator considered the copper fungicides market in India, as relevant for the deal. Dupont, a US-based company, has considerable operations ...

The Dollar Business Bureau Competition Commission of India (CCI) has given its approval to Sanlam Ltd to acquire 23 percent stake in Shriram group’s two insurance companies.   Sanlam Emerging Markets Mauritius Ltd (SEM), group firm of Sanlam Ltd, will do the acquisition process. Sanlam Ltd, a financial services firm based in South-Africa, would buy 23 percent share each in Shriram General Insurance Company (SGIC) and Shriram Life Insurance Company (SLIC) from Shriram Captital, according to a statement by SEM.  This year, in February, the firms entered into an agreement of sale of stake. While approving the deal, CCI mentioned that the given deal would not have an adverse impact on competition in the country. CCI said that currently the rights enjoyed by SEM in the ...