Fair-trade regulator CCI on Friday said it has approved the proposed deal of GMR Airports Infrastructure and Aeroports de Paris SA (ADP) under the green channel route. The proposed combination involves ADP’s proposed acquisition of and subscription to foreign currency convertible bonds (FCCB) issued by GMR Airports Infrastructure Ltd, according to a CCI notice.
The Competition Commission of India (CCI) has cleared the deal. It has also given nod to the proposed intra-group merger of GMR Airports Ltd and GMR Infra Developers Ltd (GIDL) with and into GMR Airports Infrastructure Ltd. Also, the regulator has given its nod to the proposed acquisition by ADP (and its group entities) of equity shares and optionally convertible redeemable preference shares of GMR Airports Infrastructure post-merger, CCI said.
On March 19, GMR Airports Infrastructure Ltd (GIL) announced the merger of GMR Airports Ltd with GIL. ADP is an international airport operator owned by the French Government, while GMR Airports Infrastructure is a listed-entity and global infrastructure conglomerate with expertise in operating airports. It primarily operates through its subsidiary GMR Airports Ltd (GAL).
GIDL is a wholly-owned subsidiary of GMR Airports Infrastructure. “There are no horizontal overlaps, vertical links and complementary businesses between the acquirer and the targets in India.
“In the absence of any overlaps between the parties in India, the proposed combination does not raise any risk of adverse effect on competition in India, and is accordingly being submitted through the green channel,” CCI said.
Under the green channel route, wherein a transaction, which does not raise any risk of an appreciable adverse effect on competition, is deemed to be approved on being intimated to the competition watchdog.