New Delhi, Aug 27 The Competition Commission of India (CCI) on Wednesday approved two significant acquisitions, strengthening business activity across the maritime and consumer goods sectors.
In the first development, CCI approved PSA India Pte. Limited’s plan to acquire an additional 40 per cent stake in PSA Bharat Investments Pte. Limited.
With this deal, PSA India will become the sole owner of the company by purchasing the shares from AIN Investment Limited.
“The proposed combination involves the acquisition of an additional 40 per cent shareholding by the acquirer in the target from AIN Investment Limited (seller). Pursuant to the proposed combination, the acquirer shall be entitled to 100 per cent of the equity shareholding of the target,” CCI said in a statement.
PSA India, a subsidiary of Singapore-based PSA International Pte. Limited, manages investments in India’s maritime supply chain.
PSA Bharat Investments, also based in Singapore, owns stakes in Indian subsidiaries that provide container terminal services.
The clearance paves the way for PSA India to fully consolidate its presence in India’s shipping and logistics sector.
In another move, CCI also approved the acquisition of shareholding in V.I.P. Industries Limited by Multiples Private Equity Fund IV, Multiples Private Equity Gift Fund IV, Samvibhag Securities Private Limited, along with individual investors Mithun Padam Sacheti and Siddhartha Sacheti.
Multiples Private Equity Fund IV is a Category II Alternative Investment Fund registered with SEBI, while Multiples Private Equity Gift Fund IV is registered with the International Financial Services Centres Authority.
Both funds are managed by entities under Multiples Alternate Asset Management. Together, they have investments across consumer, industrial, IT, financial services, healthcare, and pharmaceutical sectors.
Samvibhag Securities, backed by investor Akash Bhanshali, is also engaged in investment activities.
V.I.P. Industries, the target company, is a listed Indian firm best known for manufacturing and selling luggage, handbags, and travel accessories.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor