Salic International Investment Company (Siic), Riyadh, Saudi Arabia
Case brief
What is this about?
The Competition Commission of India approved a proposed combination where SALIC International Investment Company proposed to acquire equity in LT Foods Limited and LT Foods proposed to acquire a subsidiary. The Commission found no appreciable adverse effect on competition in basmati, non-basmati rice, oil seeds, or edible oil markets.
What did the court decide?
Proposed Combination approved under Section 31(1) of the Competition Act, 2002.
What the court decided
COMPETITION COMMISSION OF INDIA
(Combination Registration No. C-2023/01/996)
14 February 2023
Notice under Section 6(2) of the Competition Act, 2002 jointly given by SALIC International Investment Company and LT Foods Limited
CORAM:
Ms. Sangeeta Verma Acting Chairperson
Mr. Bhagwant Singh Bishnoi Member
Order under Section 31(1) of the Competition Act, 2002
- On 03 January 2023, the Competition Commission of India (‘ Commission ’) received a Notice under Section 6(2) of the Competition Act, 2002 (‘ Act ’), jointly given by SALIC International Investment Company (SIIC), a wholly owned subsidiary of Saudi Agricultural and Livestock Investment Company ( SALIC ) and LT Foods Limited ( LT Foods ) (collectively ‘ Parties ’).
- As per the Proposed Combination, SIIC proposes to acquire certain equity share capital of LT Foods along with the right to appoint one nominee and one observer on the board of LT Foods along with certain affirmative rights and LT Foods proposes to acquire certain equity share capital of Daawat Foods Limited ( DFL ), a subsidiary of LT Foods. The details of share capital proposed to be acquirer and steps constituting the proposed combination are given hereunder:
Issues for consideration
3 issues framed by the court
Whether the proposed combination involving acquisition of equity shares warrants scrutiny under the Competition Act.
Whether the proposed combination is likely to cause any appreciable adverse effect on competition in relevant markets.
Whether the Commission can approve a merger without delineating the exact relevant market in certain segments.
Parties & counsel
- petitioner
SALIC International Investment Company
- petitioner
LT Foods Limited
Coram
Sangeeta Verma
Case details
As recorded by the court registry
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