Acquisition approved under green channel
The Competition Commission of India (CCI) has approved under green channel acquisition by France’s Atropos de Paris SA (ADP) of 49% equity share capital of GMR Airports Limited (GAL) and 100% of GMR Infra Services Limited (GISL) (Proposed Combination).
The proposed combination is filed under sub-section (2) of Section 6 of the Competition Act, 2002 (Act) read with regulations 5A of the Competition Commission of India (Procedure in regard to the transactions of business relating to combinations) Regulations, 2011 (Combination Regulations).
The notification relates to acquisition by ADP of up to (i) 100% of the equity shares of GISL directly and (ii) 49% of the equity shares of GAL directly and indirectly, said the Ministry of Corporate Affairs on 21 Feb 2020.
The Acquirer is an international airport operator based in Paris. It carries out the following principal businesses in the airport value chain: (a) financing, (b) designing, and (c) operating infrastructure, for a network of 25 airports in 13 countries in Europe, Asia (not including India), Africa and South America.
GISL is an operating and holding company and its primary business is to hold shares in GAL.
GAL is an unlisted public company, which is a subsidiary of GMR Infrastructure Limited. GAL is engaged in developing, managing and operating airports in India and around the world, while also being engaged in associated business activities.
Filling under sub-section (2) of Section 6 of the Act read with regulations 5A of the Combination Regulations (i.e. notice for approval of the Proposed Combination under Green Channel) shall be deemed to have been approved upon filing and acknowledgement thereof, said the Ministry. fiinews.com
