Varenna Holdings Limited
Case brief
What is this about?
The Competition Commission of India heard an application by Varenna Holdings Limited regarding a proposed acquisition. The Commission evaluated the combination and concluded it would not significantly adversely affect competition, thereby approving the deal under Section 31(1).
What did the court decide?
The proposed combination under Combination Registration No. C-2019/09/685 is hereby approved.
What the court decided
COMPETITION COMMISSION OF INDIA
(Combination Registration No. C-2019/09/685)
23rd September, 2019
Notice under Section 6 (2) of the Competition Act, 2002 filed by Varenna Holdings Limited.
CORAM:
Mr. Ashok Kumar Gupta Chairperson Ms. Sangeeta Verma Member Mr. Bhagwant Singh Bishnoi Member
Order under Section 31(1) of the Competition Act, 2002
- On 9th September, 2019, Competition Commission of India (“ Commission ”) received a notice under Section 6(2) of the Competition Act, 2002 (“ Act ”), filed by Varenna Holdings Limited. (“ Varenna ” / “ Acquirer ”). The notice has been filed pursuant to the execution of Share Purchase Agreement (“ SPA ”) dated 28th August, 2019 among ‘Selling Shareholders’1 , Dixcy Textiles Private Limited (“ DTPL ” / “ Target ”) and Varenna. (Hereinafter, Varenna and DTPL are together referred to as “ Parties ”)
- The proposed combination involves purchase of approximately 40% shareholding of DTPL by Varenna from the ‘Selling Shareholders’. (“ Proposed Combination ”) and
Issues for consideration
2 issues framed by the court
Whether the proposed acquisition by Varenna Holdings Limited of 100% share capital in Dixcy Textiles Private Limited is likely to cause an appreciable adverse effect on competition.
Whether the combined market share of the acquiring party and the target company will create horizontal overlaps harmful to competition.
Parties & counsel
- other
Competition Commission of India
- applicant
Varenna Holdings Limited
Coram
Ashok Kumar Gupta
Case details
As recorded by the court registry
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