New Delhi [India], October 31 (ANI): The Competition Commission of India (CCI) has approved five major proposed transactions across the food services, renewable energy, power infrastructure, financial services and telecommunications sectors, including deals involving Aditya Birla Renewables, Adani Energy Solutions, Prosus and Vodafone Group.
According to separate official releases issued on Saturday, the approvals cover mergers and acquisitions involving major Indian and international companies.
In the food services sector, the CCI approved the merger of Sapphire Foods India Limited with Devyani International Limited, bringing two major operators of KFC and Pizza Hut outlets in India under a proposed combined entity.
"The Proposed Combination envisages merger of Sapphire Foods India Limited (Sapphire) with and into Devyani International Limited (Devyani) and certain related transactions," the regulator said.
The merger, announced earlier this year, is expected to create a restaurant business operating more than 3,000 stores globally, with an annualised turnover of approximately Rs 8,000 crore.
In renewable energy, the CCI cleared Aditya Birla Renewables Limited's proposed acquisition of 100 per cent of Solenergi Power Private Limited from Shell Overseas Investment BV.
"The proposed combination relates to acquisition of 100% of the issued share capital of the Target by the Acquirer from Shell Overseas Investment B.V. (Seller)," the regulator said.
The transaction, valued at approximately Rs 17,200 crore when announced in July, includes Shell's Sprng Energy renewable energy business in India.
The regulator also approved Adani Energy Solutions Limited's proposed Rs 3,050 crore acquisition of IntelliSmart Infrastructure Private Limited from the National Investment and Infrastructure Fund (NIIF) and Energy Efficiency Services Limited (EESL).
"The Proposed Combination envisages the acquisition of 100% of the equity share capital of the Target by the Acquirer," the CCI said.
The acquisition is expected to strengthen Adani Energy Solutions' presence in India's smart electricity metering sector.
In financial services, the CCI approved the acquisition of certain shareholding in Navi Limited by MIH Payments Holdings B V, an indirect wholly-owned subsidiary of Prosus N.V.
Navi, founded by Sachin Bansal, offers financial services through a consumer-facing mobile application.
Separately, the regulator cleared the acquisition of a 16.2 per cent stake in Vodafone Group PLC by French company Vega SAS.
Vodafone Group operates telecommunications businesses across Europe and Africa and has a presence in India through Vodafone Idea Limited.
The approvals mark regulatory milestones for the proposed transactions, which remain subject to applicable closing conditions and other requirements before completion. (ANI)
CCI clears five major deals across food, energy, fintech and telecom sectors
