that the Adani Group’s presence in infrastructure EPC is captive in nature and the Target does not have any presence in power generation EPC projects. The Commission further noted that Adani Group (through Renew Exim DMCC) has signed binding documents to acquire ~47% stake in ITD Cementation India Ltd. ( ITD ), which is also engaged in providing EPC services for various sectors. Though, as submitted, the transaction is not closed yet2 , the Commission factored the acquisition in its competition assessment. The Commission noted that ITD is present in EPC segments of infrastructure, oil and gas, power and specialised EPC and considering the activities of Target, the horizontal overlaps can be identified in infrastructure EPC segment. The Commission further noted that overlaps between ITD and the Target in infrastructure EPC can be further narrowed down to the sub-segment of EPC for airports. The Commission accordingly assessed the Proposed Combination in the infrastructure EPC segment and sub-segment of EPC for airports while leaving the question of exact delineation of relevant market as open as irrespective of the way market is delineated, the Proposed Combination is not likely to cause appreciable adverse effect on competition ( AAEC ) in India for the reasons given in subsequent paragraph.
