Ardor Holdings II Pte. Ltd.
Case brief
What is this about?
The Competition Commission of India issued an order approving a proposed combination where Ardor Holdings (KKR) subscribed for Compulsorily Convertible Preference Shares in Hero Future Energies Global Limited. The Commission found the transaction unlikely to cause an appreciable adverse effect on competition.
What did the court decide?
Approval of the proposed combination under Section 31(1) of the Competition Act, 2002.
What the court decided
COMPETITION COMMISSION OF INDIA
(Combination Registration No.C-2022/09/971)
09.02.2023
Notice under Section 6(2) of the Competition Act, 2002 filed by Ardor Holdings II Pte. Ltd
CORAM:
Ms. Sangeeta Verma Acting Chairperson
Mr. Bhagwant Singh Bishnoi Member
Order under Section 31(1) of the Competition Act, 2002
- On 20.09.2022, the Competition Commission of India ( Commission ) received a notice under Section 6(2) of the Competition Act, 2002 ( Act ) filed by Ardor Holdings II Pte. Ltd ( Ardor / Purchaser ). The notice has been filed pursuant to the (a) Amended and Restated Shareholders’ Agreement ( SHA ) dated 16.08.2022 entered by and amongst, inter alia , Hero Future Energies Global Limited ( Target ), Hero Future Energies Private Limited ( HFE India ), Hero Future Energies Asia Pte. Ltd, and BM Munjal Energies Private Limited ( Sponsor ); and (b) Subscription Agreement ( SSA ) dated 16.08.2022 entered by and between (i) the Target; (ii) the Sponsor; and (iii) the Purchaser. [Hereinafter, the SHA and SSA are collectively referred to as the Definitive Documents ; the Purchaser and Target are collectively referred to as the Parties ].
Issues for consideration
3 issues framed by the court
Whether the proposed acquisition of equity shareholding in Hero Future Energies Global Limited by KKR requires Commission approval.
Whether the Proposed Combination is likely to cause an appreciable adverse effect on competition in India.
Whether the combination falls within the mandatory notification regime under Section 6(2) of the Competition Act, 2002.
Parties & counsel
- applicant
Competition Commission of India
- respondent
Ardor Holdings II Pte. Ltd
- respondent
Hero Future Energies Global Limited
- respondent
Hero Future Energies Private Limited
- respondent
BM Munjal Energies Private Limited
Case details
As recorded by the court registry
Similar cases
Judgements on the same questions, provisions and authorities, from every court