Summit India (Tripura) Pte. Ltd.
Case brief
What is this about?
The Competition Commission of India approved a proposed combination involving the acquisition of 23.5% equity in ONGC Tripura Power Company Limited. The Commission found the market share negligible and no vertical relationships likely to affect competition, thus approving under Section 31(1).
What did the court decide?
The proposed combination is approved under Section 31(1) of the Competition Act, 2002.
What the court decided
COMPETITION COMMISSION OF INDIA
(Combination Registration No. C-2021/05/841)
12 July 2021
Notice under Section 6(2) of the Competition Act, 2002 given by Summit India (Tripura) Pte. Ltd.
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 28 May 2021, the Competition Commission of India (‘ Commission ’) received a notice under Section 6(2) of the Competition Act, 2002 (‘ Act ’), given by Summit India (Tripura) Pte. Ltd. (‘ Acquirer / SIT ’). The notice was given pursuant to the Share Purchase Agreement (‘ SPA ’) dated 15 February 2021, executed between India Infrastructure Fund – II (‘ Seller ’) and the Acquirer.
- The proposed combination relates to the acquisition of 23.5 per cent equity share capital of the ONGC Tripura Power Company Limited (‘ Target ’) by the Acquirer from the
Issues for consideration
1 issue framed by the court
Whether the proposed acquisition of equity stake in ONGC Tripura Power Company Limited by Summit India (Tripura) Pte. Ltd. is likely to cause an appreciable adverse effect on competition in India.
Parties & counsel
- petitioner
Competion Commission of India
Coram
Ashok Kumar Gupta
Sangeeta Verma
Bhagwant Singh Bishnoi
Case details
As recorded by the court registry
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