Renew Exim Dmcc
Case brief
What is this about?
The Competition Commission of India approved a proposed combination where a Dubai-based holding company of the Adani group acquires an engineering firm via share purchase and open offer. The Commission found no horizontal overlaps and determined that vertical overlaps did not likely cause appreciable adverse effect on competition.
What did the court decide?
The proposed combination under Combination Registration No. C-2024/11/1211 is approved under Section 31(1) of the Competition Act, 2002.
What the court decided
COMPETITION COMMISSION OF INDIA
Combination Registration No.C-2024/11/1211
28th January 2025
Notice under Section 6(2) of the Competition Act, 2002 given by Renew Exim DMCC.
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 19th November 2024, the Competition Commission of India ( Commission ) received a notice ( Notice ), under sub-section (2) of Section 6 of the Competition Act, 2002 ( Act ), given by Renew Exim DMCC (Acquirer) . The Notice has been given pursuant to execution of: (a) Share Purchase Agreement dated 25th October 2024 executed between Italian-Thai Development Public Company Limited ( Seller ) and the Acquirer; (b) public announcement dated 25th October 2024 ( PA ), and detailed public statement published on 4th November, 2024 ( DPS ) in relation to the Open Offer pursuant to and in compliance with the requirements of the Securities and Exchange Board of India ( SEBI ) (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (as amended) ( Takeover Regulations ); and Draft Letter of Offer dated 11th November 2024 to the SEBI.
Issues for consideration
3 issues framed by the court
Whether the proposed combination between the acquirer and the target is likely to cause appreciable adverse effect on competition.
How to delineate relevant upstream and downstream markets in the presence of vertical overlaps between acquirer affiliates and the target.
Whether the market shares and competitive landscape indicate an ability or incentive for the parties to cause foreclosure.
Parties & counsel
- applicant
Renew Exim DMCC
- respondent
Indian Textile Development Cementation India Limited
Coram
Ravneet Kaur
Case details
As recorded by the court registry
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