Alpha Wave Ventures Ii, Lp
Case brief
What is this about?
The Competition Commission of India approved a proposed combination where Alpha Wave Ventures II, LP acquired a 12.44% shareholding in Advanta Enterprises Limited. The Commission found no horizontal overlaps and negligible market share in relevant sectors, determining no appreciable adverse effect on competition.
What did the court decide?
Approved the proposed combination under Section 31(1) of the Competition Act, 2002.
What the court decided
COMPETITION COMMISSION OF INDIA Combination Registration No. C-2025/01/1229
04th March 2025
Notice under Section 6(2) of the Competition Act, 2002 given by Alpha Wave Ventures II, LP
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 7th January 2025, the Competition Commission of India ( Commission ) received a Notice under Section 6(2) of the Competition Act, 2002 ( Act ) given by Alpha Wave Ventures II, LP ( AWV II / Acquirer ). The Notice was filed pursuant to the execution of (i) Share Subscription and Purchase Agreement, dated 19th November 2024, entered into amongst AWV II, Advanta Enterprises Limited ( Advanta / Target ) and UPL Limited ( UPL ) ( SSPA ), and (ii) Amended and Restated Shareholders’ Agreement, dated 19th November 2024, entered into amongst UPL, Advanta, Melwood Holdings II Pte. Ltd., KIA EBT Scheme 2, AWV II, Mr. Jai Shroff, and Mr. Vikram Shroff ( SHA ).
- The Proposed Combination entails the acquisition of 12.44% shareholding of Advanta by AWV II, by way of (i) allotment of equity shares by Advanta to AWV II, representing a 3.51% shareholding in Advanta; and (ii) acquisition of equity shares by AWV II from UPL, representing an 8.93% shareholding in Advanta.
Issues for consideration
2 issues framed by the court
Whether the proposed combination results in an appreciable adverse effect on competition.
Whether the Commission needs to define the relevant market for assessing the proposed combination.
Parties & counsel
- applicant
Competition Commission of India
Coram
Ravneet Kaur
Anil Agrawal
Sweta Kakkad
Case details
As recorded by the court registry
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