CCI approves Adani's acquisition of 23% equity in Mumbai International Airport
15 November 2019
The Competition Commission of India (CCI) has approved the acquisition of shareholdings in Mumbai International Airport Limited (MIAL) by Adani Properties Private Limited (APPL) from Bid Services Division (Mauritius) Limited (BSDA) and ACSA Global Limited (ACSA).
APPL has proposed to acquire 13.5 per cent equity shares of MIAL from BSDA and 10 per cent equity shares of MIAL from ACSA, which will result in APPL holding 23.5 per cent equity stake of MIAL.
The acquirer i.e. APPL is a member of the Adani Group, which is a diversified infrastructure conglomerate. APPL is engaged in let-out and/or leasing of immovable properties and wholesale trading of commodities.
APPL has various subsidiaries, associates and joint venture companies/ entities, which are into real estate business, financial services, generation of power using renewable sources of energy and LPG terminal setup.
MIAL, a public company registered at Mumbai, is engaged in operating, maintaining, developing, designing, constructing, upgrading, modernising, financing and managing the Chhatrapati Shivaji International Airport (CSIA) at Mumbai. Its services include activities incidental to air transportation such as operation of terminal, airway facilities, etc.
CCI also approved UK-based CDC Group plc’s investment in Ecom Express Private Limited (Ecom).
CDC is a development finance institution, wholly owned by the DFID of the UK government, which is stated to provide scarce and patient capital to private sector entrepreneurs in developing countries.
Ecom is engaged in delivery, fulfilment and warehousing and digital services such as e-KYC facilitation for the customers of banks, NBFCs and other companies that require such services; facilitation towards verification of the assets of said customers; facilitation towards contact point verification of said customers; and facilitation of the Digital Original Seen and Verified service.
CCI said it would issue detailed orders on the two transactions later.