Approvals made by CCI on 13th December 2019
The Competition Commission of India was established on 14th October 2003 under the Competition Act 2002. The Competition Act 2002 was passed by the parliament to prevent activities that may lead to an appreciable adverse effect on competition between companies, Industries in India.
Following approvals were made by the competition commission of India on Friday, 13th December 2019:
- Sanaka Growth SPV I Limited(Sanaka) investment of $44 million in Edelweiss Securities Limited (ESL) and Edelweiss Global Investment Advisory Business(EGIA) subsidiaries under sub-section(1) of Section 31 of the Act.
- Acquisition of 16.01% paid-up share capital of SBI General Insurance Company Limited by Napean Opportunities LLP (Napean).
The Napean is a newly incorporated entity that belongs to Azim Premji Trust and PI opportunities Fund-I.
- Acquisition of 9.99% of the equity share capital of SBI General Insurance Company Limited by Honey Wheat Investment Limited (Honey Wheat).
Honey Wheat is a subsidiary of Warburg Pincus group, which has investments of over $79 billion in more than 880 companies across 5 continents in 40 countries.
Category: Economy & Banking Current Affairs