On October 1, 2019, CCI approved the acquisition of 44.44% shares in GMR Airports Limited ('GMR') by TRIL Urban Transport Private Limited ('TUTPL'), Valkyrie Investment Pte. Limited ('VIPL'), and Solis Capital (Singapore) Pte. Limited ('Solis') (together, 'Acquirers')1. Acquirers and GMR together are referred as 'Parties'.2
TUTPL is part of the Tata Sons Private Limited ('Tata Sons') group. Tata Sons group, among other businesses, has majority stake in two airlines, namely, AirAsia India, and Vistara Airlines. VIPL is a private limited company incorporated in Singapore, and is a special purpose vehicle registered with the SEBI as a foreign venture capital investor ('FVCI'), and is a part of a group of investment holding companies managed by GIC Special Investments Private Limited ('GICSI'), which in turn is owned by GIC (Ventures) Private Limited ('GICVPL').3 Similarly, Solis is also a registered FVCI, and is an investment vehicle advised by SSG Capital Management (Singapore) Pte. Ltd. ('SSG Capital').4 Tata Sons group, GIC group, and SSG group are collectively referred to as 'Acquirers' Group'.
GMR is a public limited company and a subsidiary of GMR Infrastructure Limited ('GIL'), which is the ultimate parent entity of the GMR group. GMR, through its subsidiaries, operates and manages the Delhi and Hyderabad airports. In India, GMR is also developing a greenfield airport in Goa and Bhogapuram; and will develop and operate Nagpur airport on public private partnership basis ('Target Airports').
CCI observed that there were no horizontal overlaps between the Acquirers' Group and the GMR group. It also observed that there were no vertical relationships between the activities of the GIC group / SSG group and the GMR group.
21/01/20 AZB & Partners/mondaq
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TUTPL is part of the Tata Sons Private Limited ('Tata Sons') group. Tata Sons group, among other businesses, has majority stake in two airlines, namely, AirAsia India, and Vistara Airlines. VIPL is a private limited company incorporated in Singapore, and is a special purpose vehicle registered with the SEBI as a foreign venture capital investor ('FVCI'), and is a part of a group of investment holding companies managed by GIC Special Investments Private Limited ('GICSI'), which in turn is owned by GIC (Ventures) Private Limited ('GICVPL').3 Similarly, Solis is also a registered FVCI, and is an investment vehicle advised by SSG Capital Management (Singapore) Pte. Ltd. ('SSG Capital').4 Tata Sons group, GIC group, and SSG group are collectively referred to as 'Acquirers' Group'.
GMR is a public limited company and a subsidiary of GMR Infrastructure Limited ('GIL'), which is the ultimate parent entity of the GMR group. GMR, through its subsidiaries, operates and manages the Delhi and Hyderabad airports. In India, GMR is also developing a greenfield airport in Goa and Bhogapuram; and will develop and operate Nagpur airport on public private partnership basis ('Target Airports').
CCI observed that there were no horizontal overlaps between the Acquirers' Group and the GMR group. It also observed that there were no vertical relationships between the activities of the GIC group / SSG group and the GMR group.
21/01/20 AZB & Partners/mondaq
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