Lence Pte. Ltd.
Case brief
What is this about?
The Competition Commission of India considered a notice under Section 6(2) regarding a proposed acquisition of AWL Agri Business Limited by Lence Pte. Ltd. The Commission assessed horizontal and vertical overlaps and concluded the combination would not likely cause an appreciable adverse effect on competition.
What did the court decide?
The Commission approves the Proposed Combination under Section 31(1) of the Act.
What the court decided
COMPETITION COMMISSION OF INDIA
Combination Registration No.C-2025/08/1321
11th November 2025
Notice under Section 6(2) of the Competition Act, 2002 filed by Lence Pte. Ltd.
CORAM:
Ms. Ravneet Kaur Chairperson
Ms. Sweta Kakkad Member
Mr. Deepak Anurag Member
Order under Section 31(1) of the Competition Act, 2002
- On 25th August 2025, the Competition Commission of India ( Commission ) received a notice, under sub-section (2) of Section 6 of the Competition Act, 2002 ( Act ), filed by Lence Pte. Ltd. ( Acquirer ), a wholly-owned subsidiary of Wilmar International Limited ( WIL ). The notice has been filed pursuant to share purchase agreement dated 17th July 2025.
- The proposed transaction envisages the acquisition of up to a maximum of 20 % of the paid-up equity share capital, and a minimum of 11% of the paid-up equity share capital of AWL Agri Business Limited ( Target ) from Adani Commodities LLP ( Seller ), a wholly-owned subsidiary of Adani Enterprises Limited ( AEL ) ( Proposed Combination ). As on date, WIL (through the Acquirer) already holds 43.94% of the paid-up equity share capital of the Target. Accordingly, post the Proposed Combination, the Acquirer will hold a maximum of 63.94% and a minimum of 54.94% paid-up equity
Issues for consideration
3 issues framed by the court
Whether the proposed combination involving the acquisition of equity shares in AWL Agri Business Limited by Lence Pte. Ltd. is likely to cause an appreciable adverse effect on competition.
Whether the horizontal and vertical overlaps identified in the merger raise competition concerns.
Whether the proposed combination should be approved under Section 31(1) of the Competition Act, 2002.
Parties & counsel
- applicant
Lence Pte. Ltd.
- respondent
Competition Commission of India
Coram
Ravneet Kaur
Case details
As recorded by the court registry
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