The Competition Commission has given the nod to private equity major Warburg Pincus' entity buying 49 per cent stake in Tata Technologies Ltd (TTL).
The Competition Commission has given the nod to private equity major Warburg Pincus’ entity buying 49 per cent stake in Tata Technologies Ltd (TTL). Under the deal, Green Boat Investment Ltd will acquire an aggregate of up to 49 per cent stake in TTL on a fully diluted basis.Green Boat is an investment holding company, ultimately owned by certain private equity funds managed by Warburg Pincus LLC. In a tweet today, the Competition Commission of India (CCI) said it has approved the acquisition of up to 49 per cent stake by Green Boat in TTL from existing shareholders.
TTL — a subsidiary of Tata Motors — provides services for advanced engineering, R&D, and connected IT solutions.In June, Tata Motors had said that Warburg Pincus would buy 43 per cent stake in Singapore-based TTL for USD 360 million (around Rs 2,320 crore).An affiliate of Warburg Pincus will acquire around 30 per cent from Tata Motors and its subsidiary Sheba Properties as well as Tata Capital’s entire 13 per cent stake, Tata Motors had said in a regulatory filing. CCI keeps a tab on unfair business practices across sectors and transactions beyond a certain threshold require the regulator’s approval.