Gvk Airport Holdings Ltd.
Case brief
What is this about?
The Competition Commission of India approved a proposed combination where GVK Airport Holdings Ltd. increased its stake in Mumbai International Airport Limited from 50.5% to 60.5% via a Share Purchase Agreement. The Commission held that the transaction did not alter the competitive landscape and approved it under Section 31(1) of the Competition Act, 2002.
What did the court decide?
The Commission approved the proposed combination under sub-section (1) of Section 31 of the Act.
What the court decided
COMPETITION COMMISSION OF INDIA (Combination Registration No. C-2019/06/667)
26th July, 2019
Notice under Section 6 (2) of the Competition Act, 2002 filed by GVK Airport Holdings Ltd.
CORAM:
Mr. Ashok Kumar Gupta Chairperson
Mr. U.C. Nahta
Member
Ms. Sangeeta Verma Member
Mr. Bhagwant Singh Bishnoi Member
Order under Section 31(1) of the Competition Act, 2002
- On 17.06.2019, the Competition Commission of India (“ Commission ”) received a notice under Section 6(2) of the Competition Act, 2002 ( “Act” ) filed by GVK Airport Holdings Ltd. (“ GVK”/“Acquirer” ) relating to proposed acquisition of additional shares of Mumbai International Airport Limited (“ MIAL”/ “Target” ) by GVK. The notice was filed pursuant to the Share Purchase Agreement ( “SPA” ) dated 26th March, 2019 executed between GVK and ACSA Global Limited (“ ACSA ”) and countersigned by ACSA on 23rd April 2019. (hereinafter GVK and MIAL are collectively referred to as “Parties” ).
Issues for consideration
3 issues framed by the court
Whether the proposed acquisition of additional shares by GVK in MIAL results in an appreciable adverse effect on competition.
Whether the Competition Commission of India is satisfied that the proposed combination does not adversely affect competition.
Whether the proposed increase in shareholding from 50.5% to 60.5% constitutes a substantial change in the competitive landscape.
Parties & counsel
- petitioner
Competition Commission of India
- respondent
GVK Airport Holdings Ltd.
Coram
Ashok Kumar Gupta
Case details
As recorded by the court registry
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