CCI approves stake purchase by Panatone Finvest in Tata Communications Ltd

By: |
February 22, 2021 7:35 PM

The Government of India looks to divest its 26.12 per cent equity stake in TCL. The Cabinet Committee on Economic Affairs (CCEA) on 30 December 2020 approved sale of stake in TCL.

CCI approves stake purchase by Panatone Finvest in Tata Communications LtdThe CCI also approved acquisition of glass packaging business of Piramal Glass and shareholding in its subsidiaries, Vivid Glass Trading & certain businesses of Ansapack Pvt Ltd, by PGP Glass -- an affiliate of Blackstone Group.

The Competition Commission of India (CCI) on Monday said it has approved acquisition of shares of Tata Communications Ltd (TCL) by Panatone Finvest Ltd.

The proposed deal envisages acquisition of shareholding not exceeding 26.12 per cent by Panatone Finvest Ltd in Tata Communications Ltd (erstwhile VSNL).

Panatone Finvest Ltd is a non-deposit taking core investment arm of Tata Sons.

The Government of India looks to divest its 26.12 per cent equity stake in TCL. The Cabinet Committee on Economic Affairs (CCEA) on 30 December 2020 approved sale of stake in TCL.

After the acquisition of shares, Panatone Finvest would increase its shareholding from 48.87 per cent to such shareholding not exceeding 74.99 per cent.

“Commission approves acquisition of shares of Tata Communications Limited by Panatone Finvest (A Systematically Important Non-Deposit Taking Core Investment Company of Tata Sons),” the fair trade regulator said in a tweet.

The CCI also approved acquisition of glass packaging business of Piramal Glass and shareholding in its subsidiaries, Vivid Glass Trading & certain businesses of Ansapack Pvt Ltd, by PGP Glass — an affiliate of Blackstone Group.

The fair trade regulator also approved the acquisition of certain shareholding in API Holdings by CDPQ Private Equity Asia. “Commission approves acquisition of certain shareholding in API Holdings by CDPQ Private Equity Asia,” CCI said in a tweet.

According to the combination notice filed with CCI, the combination envisages an acquisition of approximately 2 per cent shareholding in API Holdings by CDPQ Private Equity Asia Pte Ltd along with certain additional rights.

API, is the ultimate parent entity of the API Holdings group and does not carry out any activity outside India.

CDPQ Private Equity Asia is present in India through its subsidiary CDPQ India Pvt Ltd (CDPQ India) and the activities of CDPQ India primarily consist of providing advisory services to CDPQ Asia Pacific Pte Ltd.

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