CCI approves ties betweenBP Global Investments, RBPML

CCI approves combination between BP Global Investments, Reliance BP Mobility

Fairtrade regulator CCI on Thursday said it has given nod to a proposed combination between BP Global Investments Ltd and Reliance BP Mobility Ltd (RBPML).

The transaction involves the transfer of Reliance Industries' and its group entities' entire undertaking related to owning, operating and conducting petroleum retail marketing and related activities in India to RBPML, a combination notice filed with the regulator said.

It also involved the transfer of certain specified mobile aviation business assets at certain airport locations, which are currently owned and used by Reliance Industries, to RBPML, the notice added.

Subsequently, the proposed transaction would involve the acquisition of an aggregate 49 per cent of the fully diluted paid-up equity share capital and voting rights in and of RBPML by BP Global, it added.

Acquisition of shares would be by way of acquisition of existing equity shares of RBPML from RIL and subscription by BP Global to fresh equity shares of RBPML.

BP Global is an investment holding company and holds shares in subsidiaries and associated companies.

The regulator in a tweet said it "approves proposed combination between BP Global Investments Limited (BP Global) and Reliance BP Mobility Limited (RBPML)".

In another tweet, the Competition Commission of India (CCI) said it "approves proposed acquisition of 100 per cent shares and control of Tech Data Corporation by Tiger Midco LLC".

Tiger Midco will acquire the entire stake and control of Tech Data through a merger of Tech Data with Tiger Merger Sub Co, a wholly owned subsidiary of Tiger Midco, a combination notice noted.

Tech Data will continue as the surviving corporation after the merger as a direct wholly owned subsidiary of Tiger Midco.

Tech Data, a Florida-based corporation listed on NASDAQ, is active globally in the wholesale distribution of technology products and solutions to re-sellers and other customers, while Tiger Midco is a special purpose vehicle set up and managed by investments funds managed by affiliates of Apollo Management, L.P.

Separately, CCI said it "approves acquisition of less than 5 per cent shareholding in Intas Pharmaceuticals Limited by Canary Investments Limited and Link Investment Trust II".

As per the combination notice, Intas is a vertically integrated global pharmaceutical formulation development, manufacturing, and marketing company.

Canary is a Mauritius-based investment company, while Link II is an Indian private trust, the notice noted.