Shrem InvIT
Case brief
What is this about?
The Competition Commission of India examined a proposed combination between Shrem InvIT and Dilip Buildcon Limited involving the acquisition of target SPVs and equity units. Noting minimal market presence and high fragmentation, the Commission found no appreciable adverse effect on competition and approved the transaction under Section 31(1).
What did the court decide?
The Proposed Combination is approved under Section 31(1) of the Act, subject to conditions regarding incorrect information.
What the court decided
COMPETITION COMMISSION OF INDIA
(Combination Registration No. C-2022/04/925)
11th July 2022
Notice under Section 6(2) of the Competition Act, 2002 jointly given by Shrem InvIT and Dilip Buildcon Limited and its associates
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 29th April 2022, the Competition Commission of India ( ‘Commission’ ) received a Notice under Section 6(2) of the Competition Act, 2002 ( ‘Act’ ) given by Shrem InvIT. The Notice was filed pursuant to the execution of Securities Purchase Agreements ( ‘SPA’ ) and Shareholder’s Agreements for each of the road infrastructure projects on 3rd March 2022, inter alia, between and Dilip Buildcon Limited ( ‘DBL’ ), DBL Infra Assets Private Limited ( ‘DIAPL’ ), Shrem Financial Private Limited (acting in capacity of Investment Manager to Shrem InvIT) ( ‘IM’ ) and Commercial Arrangement Agreement dated 3rd March 2022 between DBL, DIAPL, Shrem Infrastructure Private Limited ( ‘Sponsor’ ), IM and Shrem Road Projects Private Limited ( ‘Project Manager’ / ‘PM’ ).
Issues for consideration
3 issues framed by the court
Whether the proposed combination between Shrem InvIT and Dilip Buildcon Group is unlikely to cause an appreciable adverse effect on competition in India.
Whether the relevant markets exhibit any horizontal or vertical overlaps between the parties.
Whether the Commission should approve the Proposed Combination under Section 31(1) of the Act.
Parties & counsel
- petitioner
Shrem InvIT
- respondent
Dilip Buildcon Limited
Coram
Ashok Kumar Gupta
Case details
As recorded by the court registry
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