Naspers Ventures B.V.
Case brief
What is this about?
The Competition Commission of India, in a single-member order, approved the proposed acquisition of 7.8% equity in Vastu Housing Finance Corporation Limited by Naspers Ventures without a full market definition, noting low combined market shares and the presence of other major players regardless of market delineation.
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-2024/08/1175
17th September 2024
Notice under Section 6(2) of the Competition Act, 2002 filed by Naspers Ventures B.V.
CORAM:
Ms. Ravneet Kaur Chairperson
Mr. Anil Agrawal Member
Ms. Sweta Kakkad Member
Mr. Deepak Anurag Member
Order under Section 31(1) of the Competition Act, 2002
- On 16th August 2024, the Competition Commission of India ( Commission ) received a notice under sub-section (2) of Section 6 of the Competition Act, 2002 ( Act ) filed by Naspers Ventures B.V. ( Naspers Ventures/Acquirer ) in relation to a proposed acquisition in Vastu Housing Finance Corporation Limited ( VHFCL/Target ) [hereinafter, the Acquirer and the Target are collectively referred to as the “ Parties ”].
Issues for consideration
2 issues framed by the court
Whether the proposed acquisition by Naspers Ventures of 7.8% equity in VHFCL is likely to cause an appreciable adverse effect on competition.
Whether the parties need to define the relevant market precisely to determine the impact of the proposed combination.
Parties & counsel
- petitioner
Competition Commission of India
- respondent
Naspers Ventures B.V.
Coram
Ravneet Kaur
Case details
As recorded by the court registry
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