The Competition Commission Tuesday approved construction major NBCC's proposal to acquire 100 per cent stake in consultancy firm HSSC.
The Competition Commission Tuesday approved construction major NBCC’s proposal to acquire 100 percent stake in consultancy firm HSSC. Besides, the competition watchdog cleared CDPQ Infrastructure Asia’s acquisition of shareholding of CLP India, a subsidiary of Hong Kong-based CLP Holdings.
The regulator also gave its go ahead for the purchase of 25 percent stake in Hyderabad-based Gemini Edibles and Fats India (GEF India) by Singapore’s Black River Food, according to a series of tweets by the CCI.
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Deals beyond a certain threshold require approval from the Competition Commission of India (CCI). The CCI in a tweet said it has cleared “acquisition of 100 percent equity shareholding in HSCC by NBCC”. NBCC last month was selected as the buyer for 100 percent strategic disinvestment of HSCC at a bid amount of Rs 285 crore by the government.
The government last October invited bids from central public sector enterprises (CPSEs) for buying out its entire stake in HSCC. The CCI in another tweet said the acquisition of shareholding of CLP India Private Limited by CDPQ Insfrastructures Asia II Pte. Ltd has been approved.
CDPQ Infrastructure Asia is a wholly owned arm of Canada-based pension fund manager CDPQ with net assets of over CAD 300 billion while CLP India is ultimately owned by CLP Holdings Ltd which is engaged in the energy sector in Asia Pacific and is listed on the Hong Kong stock exchange with a current market cap of USD 26 billion, according to the regulator.
The regulator also cleared 25 percent stake purchase by Black River Food in GEF India, according to another tweet. Black River Food 2 Pte Ltd is a company incorporated in Singapore and is registered as a foreign venture capital investor under the Securities and Exchange Board of India (Sebi). Black River is a wholly-owned subsidiary of Black River Food 2 LP which specialises in investments in food industry and agribusiness value chain. GEF India, a subsidiary of Golden Agri Resources of Singapore, which in turn is a part of Sinarmas Group, is engaged in the manufacture and sale of edible oils, including vanaspati, and bakery fats in India.