In a series of approvals, the Competition Commission of India (CCI) on Wednesday (January 24) has given the go-ahead to several big ticket business transactions.
Fincare and AU Merger:
The CCI has granted approval for the merger of Fincare Small Finance Bank Ltd (Fincare) and AU Small Finance Bank Ltd (AU). AU is set to emerge as the surviving entity in this strategic move, and shareholders of Fincare will be issued shares in the merged entity.
The merger combines AU's extensive banking services, including deposits, loans, and digital banking, with Fincare's offerings in deposit services, lending, and digital banking.
Religare share acquisition
Puran Associates Private Ltd, MB Finmart Private Ltd, VIC Enterprises Private Ltd and Milky Investment and Trading Company have received CCI approval for the acquisition of a 5.27% stake in Religare Enterprises Ltd.
This involves open market purchases and an open offer for up to 26% of Religare's total expanded voting share capital. The acquirers, systematically important non-deposit accepting non-banking financial companies (NBFCs), are controlled by the Burman family.
MG Motor investment:
JSW Ventures Singapore Pte Ltd has secured CCI approval for the acquisition of up to approximately 38% of the share capital of MG Motor India Private Ltd. The acquirer, a newly-incorporated entity under the JSW Group, is set to invest in MG Motor India, engaged in the manufacturing and sale of passenger cars, including electric vehicles, under the 'MG' brand.
Wistron acquisition by Tata Electronics:
Tata Electronics Private Ltd has received the CCI's nod for the 100% acquisition of Wistron Infocomm Manufacturing (India) Private Ltd. Tata Electronics, a greenfield venture of Tata Sons Private Ltd, specialises in manufacturing smartphone enclosures.
The acquisition involves purchasing the entire equity share capital of Wistron Infocomm Manufacturing (India) Private Ltd, an electrical and electronics manufacturing company based in Karnataka, engaged in electronic manufacturing services for smartphones.
