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2021 Acquisitions & Mergers

Table of Contents
2021 Acquisitions & Mergers - January ......................................................................................................................... 3
2021 Acquisitions & Mergers - February ...................................................................................................................... 5
2021 Acquisitions & Mergers - March ........................................................................................................................... 9
2021 Acquisitions & Mergers - April ........................................................................................................................... 11
2021 Acquisitions & Mergers - May ............................................................................................................................. 14
2021 Acquisitions & Mergers - June ............................................................................................................................ 16

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2021 Acquisitions & Mergers - January

IDBI Bank to Sell 23% Stake in IFLI to Ageas Insurance International NV
IDBI Bank has entered into the final stage of selling the 23% stake in IDBI Federal Life Insurance
Company Limited (IFLI) to Ageas Insurance International NV for a consideration of Rs 507
crore.Following this transaction, the joint venture has been rebranded as Ageas Federal Life Insurance
Company Ltd. IDBI Bank is seeking to sell another 4% in IFLI to Federal Bank, for this the bank did not
receive the banking regulator’s clearance.

CCI Approves Acquisitions of API Holdings Private Ltd and Mukand Sumi Special Steel Ltd
Competition Commission of India (CCI) approved the following acquisition under Section 31(1) of the
Competition Act, 2002.
• Acquisition of about 8% equity shareholding in API Holdings Private Limited by TPG Growth V
SF Markets Pte. Ltd.
• Acquisition of 51% of equity share capital of Mukand Sumi Special Steel Ltd(MSSSL) by Jamnalal
Sons Private Ltd ( JSPL).

SBI Mutual Fund Raises its Stake in CSB Bank to 5.01% from 4.96%
On January 1, 2021 SBI Mutual Fund has acquired an additional 86,993 shares in CSB Bank Ltd
(formerly The Catholic Syrian Bank Ltd), which consequently raised its stake in the bank to 5.01% from
4.96% earlier. The acquisition was made through open market purchase.

CCI Approves Acquisition of 100% Shareholding of Columbia Asia Hospitals by Manipal Health
Enterprises
The Competition Commission of India (CCI) gave approval to the acquisition of 100% shareholding of
Columbia Asia Hospitals Private Limited(CAHPL) by Manipal Health Enterprises Private
Limited(MHEPL). After this acquisition MHEPL will become India’s 2nd largest healthcare chain, after
Apollo Hospitals. As per the market sources, the deal has been valued at Rs 2,100 crore.

CCI Approves Acquisitions of Adani Green Energy Ltd, Ecom Express Private Limited & 100%
Acquisition of Virtusa Corporation
Competition Commission of India (CCI) gave approval under Section 31(1) of the Competition Act, 2002
to the minority share capital acquisition in Adani Green Energy Ltd (AGEL), the renewable energy arm
of the Adani Group by Total SE. CCI gave approval to the proposed combination that envisages
acquisition of stake in Ecom Express Private Limited by PG Esmeralda Limited.
• CCI gave approval to the proposed combination relating to the acquisition of 100% equity
interest and joint control in Virtusa Corporation by Baring Private Equity Asia (BPEA),
Atago Investment Pte Ltd. (GIC Investor) and CPP Investment Board Private Holdings Inc.
(CPPIB Investor).

Tech Mahindra to acquire Payments Technology Services for about ₹66 crore
IT services major, Tech Mahindra is set to acquire 100% share of Hong Kong based Payments
Technology Service Ltd (PTSL) a subsidiary of Fidelity Information Services (FIS) for $9 million (about
Rs.66 Crore) to scale its enterprise payments and banking capabilities. In regard to this acquisition,
Tech Mahindra had signed an memorandum of understanding (MoU) with FIS.

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Singapore-based Investment Opportunities raises Stake in PNB Housing Finance to 9.92% from
8.19%
Singapore-based Investment Opportunities V Pte Ltd raised its holdings in PNB Housing Finance to
9.92% from 8.19% during Q3FY21 (Ended December 2020). With this increase, V Pte Ltd now hold 1.67
crore equity shares in PNB Housing Finance at the end of December, against 1.38 crore shares held
three months back. With this, now Punjab National Bank, the promoter, holds 32.65%. The Carlyle
Group held 32.22% in PNB Housing as of September through a group company called Quality
Investment Holdings.

GoI to Sell 10% of its Stake in SAIL through OFS to Raise Rs 2,600 crore as part of its
Disinvestment Drive
Government of India to sell 10% of its stake in Steel Authority of India Ltd (SAIL) through an Offer for
Sale (OFS) route to raise ~Rs 2,600 crore as part of its disinvestment drive.The Govt sells 206.5 million
shares or 5% equity with a 5% green shoe option. After selling of stake the government will hold 65%
stake in SAIL from 75%.

Adani Group & Total SE Signs USD 2.5 billion Deal; Total SE will acquire 20% stake in Adani
Green Energy
Adani Group and Total SE(Total) signed USD 2.5 billion (about Rs 18,000 crore) Deal. Under this
agreement, Total will acquire 20% stake in Adani Green Energy Ltd(AGEL) . In addition to this, Total
will get seats on AGEL Board of Directors and Total will acquire 50% in a 2.35-gigawatt portfolio of
operating solar assets owned by AGEL. This is the third partnership between Total and the Adani group.

J&K Bank board Decided to Transfer 8.23% stake to UT of Ladakh

The board of Jammu & Kashmir (J&K) Bank has given its consent to transfer 8.23% J&K government’s
stake (4,58,29,445 Equity Shares), as on October 31, 2019, to the Union Territory (UT) of Ladakh. This
decision is on the lines of implementation of the General Administration Department, Govt. of Jammu
and Kashmir notification on October 30, 2020. One post of director on the Board of the J&K Bank is also
earmarked for Ladakh.

CCI Approves Aditya Birla Fashion and Retail Ltd- Flipkart Investments Pvt Ltd Deal, Axis- Max
life Deal & Altico-Ares SSG Deal
Competition Commission of India (CCI) has approved the acquisition of 7.8% minority stake in Aditya
Birla Fashion and Retail Limited (ABFRL) by Flipkart Investments Private Limited (FIPL), subsidiary of
Flipkart Private Limited (FPL) on a fully diluted basis. The deal is worth Rs 1,500 crore.The acquisition
of Altico Capital India Ltd (Altico) by Ares SSG Capital Management (Singapore) Pte. Ltd (Ares SSG).
• The deal between Max Life Insurance Company Ltd and Axis entities(Axis bank Ltd, Axis
Capital ltd and Axis Securities Ltd). About9% stake in Max life insurance will be acquired
by Axis Bank.
• Axis Capital and Axis Securities will acquire 2% and 1% stake respectively in Max Life
Insurance.

SEBI Gives Approval to Future Group and Reliance Retail Deal

The Securities and Exchange Board of India (SEBI) has given approval to the deal between Future
Group and Reliance Retail Ventures Ltd(RRVL), where Future group will sell its retail, wholesale,
logistics and warehouse businesses to Reliance Retail for Rs 24,713 crore. As a part of the same Scheme,
the retail & wholesale undertaking will be transferred to Reliance Retail and the Fashion Lifestyle
Limited (RRFLL), a wholly-owned subsidiary of RRVL.
The logistics & warehousing undertaking will be transferred to RRVL.

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HDFC to Sell its 24.48% Stake in Good Host Spaces Pvt. Ltd for Rs 232.81 Crore
Housing Development Finance Corporation (HDFC) Ltd announced that it will sell its 24.48%
stake(47,75,241 equity shares) in Good Host Spaces Pvt Ltd for Rs 232.81 crore in 4 months. The
details of the buyer is not disclosed. HDFC in 2019 had acquired 25.01% stake (30,52,469 equity
shares) in Good Host from Manipal Integrated Services Pvt Ltd for Rs 69.5 crore.

Adani Total Gas & Torrent Gas Acquires 5% Stake Each in IGX
Adani Total Gas & Torrent Gas has acquired 5% stake each in the Indian Gas Exchange (IGX). This is the
1st time stakes of IGX are sold, as it was wholly-owned by the Indian Energy Exchange (IEX). The total
10% stake has been sold for about Rs 7.38 crore. IGX, an online trading platform to make physical
delivery of natural gas launched in June 2020 is the 1st gas exchange in India to secure authorisation
from Petroleum and Natural Gas Regulatory Board (PNGRB) under recently notified Gas Exchange
Regulations, 2020.

2021 Acquisitions & Mergers - February

CCI Approves Acquisition of GIL’s Indo Gulf Fertilisers by Indorama India Private Limited
Competition Commission of India (CCI) under Section 31(1) of the Competition Act, 2002, gave
approval for the acquisition of Indo Gulf Fertilisers(IGF), a fertiliser division of Grasim Industries
Limited (GIL) by Indorama India Private Limited (IIPL). IIPL will acquire Indo Gulf Fertilisers as a going
concern on a slump sale basis.

GAIL Acquires 5% Stake of Indian Energy Exchange in Indian Gas Exchange

GAIL (India) Limited has acquired a 5% stake of Indian Energy Exchange Ltd (IEX) in Indian Gas
Exchange Ltd (IGX). GAIL becomes the 3rd strategic investor in IGX after Adani Total Gas & Torrent Gas.
With this disinvestment, IEX will hold 85% stake in IGX.

CCI Approves BOI- BAIM & BATS Deal, SHS GmbH- Varian Deal & Ecom-CDC Deal
On February 10, 2021 The Competition Commission of India(CCI) has approved following deal:
• BOI Acquires 49% Stake each in BOI AXA Investment Managers & BOI AXA Trustee Services.
• Siemens Healthineers Holding I Gmb (SHS GmbH) acquires 100% Shares of Varian Medical
Systems, Inc.
• CDC Group plc Subscribes Securities of Ecom Express Private Limited.

BPCL to Buyout 36.62% Stake of BORL from OQ S.A.0.C. for Around Rs 2,399.26 crore
Bharat Petroleum Corporation Ltd (BPCL) to buyout 36.62% stake (88.86 crore equity shares) of
Bharat Oman Refineries Limited (BORL) from OQ S.A.0.C. (formerly known as Oman Oil Company
S.A.0.C.) for approximately Rs 2,399.26 crore.BORL built and operates a 7.8 million tonne oil refinery at
Bina in Madhya Pradesh.

NVIDIA to Acquire SoftBank Group’s Arm Ltd for USD 40 Billion

US based NVIDIA will acquire UK based Arm Holdings, a designer of chips for mobile phones, from
SoftBank Group in a deal worth $40 billion. This deal was signed in September 2020 & became the
largest-ever deal in the semiconductor industry.

Govt to sell 20% stake in National Fertilizers Ltd through OFS

Central Government is all set to sell 20% stake in National Fertilizers Ltd (NFL) out of its shareholding
of 74.71% through an Offer For Sale (OFS) method of shares, which can fetch about Rs 400 crore. To

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initiate the sale process, the Department of Investment and Public Asset Management (DIPAM) has
invited tenders from merchant banks.

ICICI Bank to Buy 5.40% Stake in CityCash & 9.65% Stake in Thillais Analytical Solutions for Rs
6.03 Crore
On February 16, 2021 ICICI Bank headquarters at Mumbai, Maharashtra announced that it will buy
5.40% stake in Tap Smart Data Information Services Pvt Ltd (CityCash) for Rs 4.93 crore (Rs 49.34
million) and 9.65% stake in Thillais Analytical Solutions Pvt Ltd for Rs 1.1 crore (Rs 11 million). It
is expected that both deals will be completed by the end of March 2021.

GoI to sell its 26.12% Stake in Tata Communications Ltd by March 20, 2021
Government of India (GoI) is set to sell its entire stake of 26.12% in Tata Communications Ltd
(TCL) (formerly known as VSNL) through an offer for sale and strategic sale route by March 20,
2021. Several Merchant Bankers like Goldman Sachs, ICICI Securities, SBI Capital Markets & others
have expressed interest in buying the stake and are making presentations before the officials of the
Department of Investment and Public Asset Management.

Tata Group to Acquire 68% Stake in BigBasket for About Rs 9,500 Crore; Tata Communications
Partners with Google Cloud in India
Tata Group has signed a deal to acquire 68% stake in bigbasket for about Rs 9,500 crore. The
stake will be acquired by Tata Digital, a subsidiary of Tata Sons. Post-acquisition, the enterprise
value of BigBasket becomes more than Rs 13,500 crore. Tata Communications has partnered with
Google Cloud in India to drive cloud adoption and transform Indian businesses. Alibaba Group
Holding Ltd holds 29% stake in BigBasket.

CCI approves Stake Purchase by Panatone Finvest in TCL

Competition Commission of India (CCI) approved the acquisition of shares of Tata Communications Ltd
(TCL), by Panatone Finvest Ltd. In accordance with the deal, the Panatone Finvest Ltd will buy a
shareholding of 26.12% which will increase its total shareholding to 74.99% from 48.87%. Now, its
shareholding in Tata Communications Ltd should not exceed 74.99%. This acquisition is on the lines of
divestment of Government of India’s 26.12% equity stake in TCL which was approved by Cabinet
Committee on Economic Affairs (CCEA) in December 2020.

NTPC Signs Share Purchase Agreement with GAIL to Buy GAIL’s 25.51% stake in RGPPL
NTPC Ltd(formerly- National Thermal Power Corporation Limited) signed a share purchase agreement
with GAIL (India) Ltd.As per the agreement NTPC will buy GAIL’s 25.51% in Ratnagiri Gas and Power
Pvt Ltd (RGPPL), which is commonly known as Dabhol project.Apart from this, NTPC will sell its
14.82% stake in Konkan LNG Ltd (KLL) on a fully diluted basis to GAIL.

IRDAI Gives Nod to Acquisition of upto 12% Stake in Max Life Insurance by Axis Entities
Insurance Regulatory and Development Authority of India (IRDAI) has given its formal approval to
acquisition of up to 12% stake in Max Life Insurance company ltd by Axis entities(Axis Bank ltd and its
subsidiaries, Axis Capital Ltd and Axis Securities Ltd ). In January 2021 CCI gave approval to this deal.
The total premium generated through this deal has aggregated to over Rs. 40,000 crores.

CCI Approves NAM Estates, EOCPDPL and IBREL Deal & Technip Energies B.V.-Bpifrance
Participations S.A Deal
Competition Commission of India(CCI) gave approval for the proposed merger of NAM Estates Private
Limited and Embassy One Commercial Property Developments Private Limited (EOCPDPL) into

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Indiabulls Real Estate Limited (IBREL). Also CCI gave approval to the acquisition of Technip Energies
B.V., belonging to TechnipFMC plc by Bpifrance Participations S.A. As per the combination, Bpifrance
Participations S.A. will acquire a minimum 11.82% and maximum 17.25% of outstanding shares of
Technip Energies B.V.

HDFC Bank & Kotak Mahindra Bank to Pick up 9.99% Stake Each in Ferbine Pvt Ltd
On 25th February 2021, the HDFC bank and Kotak Mahindra Bank acquired 9.99% stakes each in
Ferbine Private Limited, a company promoted by Tata Sons, which plans to apply to the Reserve Bank
of India to set up a Pan India Umbrella entity(PUE) for retail payments. HDFC bank has executed an
agreement to subscribe 4995 equity shares each of face value Rs.10 each fully paid up issued by Ferbine
for a consideration of Rs.10 per equity share. Kotak Mahindra Bank has also subscribed 4995 equity
shares for Rs.49950 which translated into an equity shareholding of 9.99% on 25th February 2021.

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2021 Acquisitions & Mergers - March

Ashok Leyland to Buy the Stake of Nissan in Hinduja Tech for Rs.70.20 crore
Ashok Leyland, a Chennai-based commercial vehicle manufacturer owned by Hinduja Group, signed a
share purchase agreement with Nissan International Holdings BV, an investment arm of Nissan
Group(Japan) to acquire its 38% stake in Hinduja Tech Limited(HTL), a part of Hinduja Group for
Rs.70.20 crore.

RSBVL Acquired Majority Equity Stake in skyTran Inc for USD 26.76 Million
Reliance Strategic Business Ventures Limited (RSBVL), wholly owned subsidiary of Reliance Industries
Limited(RIL), has acquired additional equity shares in skyTran Inc., investee company of RIL for USD
26.76 Million (around Rs.196 crore).With this acquisition, the shareholdings of RSBVL in skyTran has
increased to 54.46% on a fully diluted basis.

Siemens Acquired 99.22% Stake In C&S Electric For Rs.2100 Crore

On 1st March 2021, Siemens Limited acquired the 99.22% equity stake in C&S Electric Limited, leading
manufacturer of electrical and electronic equipment, from its promoters for Rs.2100 crore on a cash
free or debt free basis.The Competition Commission of India (CCI) has approved the deal on 20th
August 2020.

Government of India to Sell 16% Stake in IRCON Through OFS to Raise Rs.662 Crore
Government of India planned to sell 16% stake or 7.52 crore shares in IRCON International Limited, a
government of India undertaking under the Ministry of Railways, through an Offer For Sale(OFS) on 3rd
March 2021 and 4th March 2021 to raise around Rs.662 crore. The floor price of the offer is fixed at
Rs.88 per share, which is 10% less than the closing price of 2nd March 2021(Rs.97.85).

BPCL to Sell its 61.65% Stake in Numaligarh Refinery Ltd for Rs 9875.96 Crore
On 1nd March 2021, the board of Bharat Petroleum Corporation Limited (BPCL) approved to sell its
61.65% stake in Numaligarh Refinery Ltd (NRL) to a consortium of Oil India, Engineers India Ltd (EIL)
and Government of Assam for Rs. 9875.96 crore.The proceeds from the stake sale will be used to buy
out 36.62% Oman Oil Stakes in Bina refinery for Rs. 2,399.26 crore, pay capital gains tax and pay a
special dividend to shareholders.

Indian Bank to divest its Stake in ASREC (India) for Asset Monetization
Indian Bank is all set to divest full or partial in joint venture entity ASREC (India) Ltd as part of asset
monetisation. This decision has been taken by the board of directors (BoDs) of the bank during a
meeting held on March 5, 2021. Currently, the bank holds a 38.26% stake in ASREC (India) Ltd.ASREC
acquires non-performing assets (NPAs) from the banks/financial institutions at mutually agreed prices
to maximize the returns through innovative resolution strategies.

BNP Paribas Cardif has sold a 4.99% stake in SBI Life Insurance
On March 12, 2021, The foreign partner of SBI Life Insurance, BNP Paribas Cardif (BNPPC), sold the
major part of its share in SBI Life through the open market process. Over 5 crore shares are sold which
is around 4.99% stake.Post this selling, now BNPPC holds 0.20% stake representing 20,03,612 equity
shares of SBI Life Insurance. SBI Life was incorporated as a joint venture between State Bank of India
(SBI) and BNPPC as a 74:26 equity ratio.

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Tech Mahindra Planned To Purchase 70% Stake From Perigord Asset Holdings Ltd
On March 15, 2021, Tech Mahindra announced its plan to acquire a 70 % stake in Ireland-based
Perigord Asset Holdings Ltd for around Rs 182 crore and plans to buy the remaining 30% shareholding
over a period of 4 years at a valuation of its financial performance. It is intended to help in augmenting
its expertise in the domains of global pharmaceutical, and HLS (Healthcare and Lifesciences).

Adani Ports Acquired 31.5% In Gangavaram Port from Warburg Pincus for Rs. 1,954 Crore
On March 17, 2021, Adani Ports and Special Economic Zones (APSEZ) Ltd, a subsidiary of the diversified
Adani Group acquired a 31.5 % stake in Gangavaram Port Limited (GPL) which is held by Windy
Lakeside Investment Limited (an affiliate of Warburg Pincus) for around Rs 1,954 crore.The acquisition
expands APSEZ’s market share to 30% across 12 locations in India.

Govt to Sell up to 16.12% stake in Tata Communications via OFS

On March 15, 2021, Government of India(GoI) is likely to sell 16.12% stake in Tata Communications
(erstwhile VSNL) via Offer For Sale(OFS) at the floor price of ₹1,161 per equity share.It would fetch Rs.
5,334 crores to the GoI. Immediately after the OFS, the government shall sell the remaining(10%)
equity shares held by it in the company to Panatone, arm of Tata Sons. Currently, GoI holds 26.12 %
stake while Panatone Finvest holds 34.80%t and Tata Sons holds 14.07 %.The remaining 25.01% is
with the public.

CCI approved Tata Power’s 51% stake acquisition in NESCO Utility from GRIDCO
On March 18, 2021, The Competition Commission of India (CCI) approved the acquisition of 51% of the
equity share capital of North Eastern Electricity Supply Company of Odisha (NESCO Utility) by The Tata
Power Company Limited (TPCL) from Grid Corporation of Odisha Limited (GRIDCO) under Section
31(1) of the Competition Act, 2002. The proposed acquisition is in accordance with the competitive
bidding process initiated by the Odisha Electricity Regulatory Commission (“OERC”) under Section 20 of
the Electricity Act, 2003.

PowerGrid acquired the Outstanding 74% stake in JPVL

On March 19,2021 Power Grid Corporation of India(PowerGrid) has signed an agreement with
Jaiprakash Power Ventures (JPVL) for the acquisition of the outstanding 74% stake of JPVL in Jaypee
PowerGrid(JPL) at an aggregate consideration of Rs 351.64 crore. PowerGrid has already owned a 26%
stake in JPVL and now through this acquisition, it became a wholly-owned subsidiary of Power Grid.

Govt exited from TCL by selling its outstanding 26.12% stake

On March 22, 2021, The department of investment and public asset management (DIPAM) reported
that the government has exited from Tata Communications Ltd (TCL), a part of the Tata Group, through
the sale of its outstanding 26.12% stake in it for ₹8,846 crores. The exit from TCL helps the government
to get closer to the revised disinvestment target for FY21. Disinvestment Targets for FY22 is about
₹1.75 trillion.

CA Rover Holdings sells 4% stake in SBI Cards for Rs 3728 crore

In March 2021, CA Rover Holdings, an US based private equity funds sold 4% of its current stake
holdings in SBI Cards & Payment Services worth Rs 3728 crore. CA Rovers Holdings previously held
15.86% stake in SBI Cards, even after the sale it holds 11% stake, currently valued at Rs 10,574 crore.
The sale comes after 4 years of profiting nearly 970% returns.

Adani Ports Acquired 58.1% in Gangavaram Port for Rs. 3,604 Crore
On March 23, 2021, Adani Ports and Special Economic Zones (APSEZ) Ltd, a subsidiary of the diversified
Adani Group acquired a 58.1% stake in Gangavaram Port Limited (GPL) belongs to DVS Raju & Family

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for around Rs 3,604 crore. Adani port made an agreement to acquire 89.6% of GPL i.e. (31.5% from
Warburg Pincus and 58.1% from DVS Raju & Family) On March 3, 2021. As per the agreement it
acquired the 31.5% stake from Warburg Pincus on March 17, 2021.

NSE bought 26% stake in IGX from IEX and became its co-promoter
The Indian Energy Exchange (IEX) has divested 26% of its equity holding in the Indian Gas Exchange
(IGX) to National Stock Exchange of India (NSE). After this NSE became a co-promoter and the second
largest shareholder on the IGX gas-trading platform IEX, which set up the IGX natural gas trading hub,
had earlier sold 5% stake each to GAIL (India), Adani Total Gas, and Torrent Gas, and Oil and Natural
Gas Corporation Limited (ONGC).

Government Sells 15% stake in Rail Vikas Nigam Ltd

Indian Government has announced to sell 15% of its stake in Rail Vikas Nigam Limited (RVNL) through
an Offer for Sale (OFS) for Rs. 750 crores. Of this 15% stake, Govt. will diverse 10% (208.5 million
shares) of the total paid-up equity capital through OFS and 5% (104.25 million shares) through the
Green Shoe option. This sale comes as a part of Indian govt’s Rs 1.75 lakh crore disinvestment plan.

Adani Green Energy Buys 50 MW Telangana Solar Power Project from SkyPower Global
Adani Green Energy Limited (AGEL) acquired 100% stake in 50 MW Telangana Solar Power Project,
from SkyPower Global. In this regard, AGEL has signed a share purchase agreement with SkyPower
Global.50 MW Telangana Solar Power Project, was commissioned in Oct 2017 and has a long-term
Power Purchase Agreement (PPA) with the Southern Power Distribution Company of Telangana.

EIYP acquired 74% stake in Engie Group’s solar assets in India

On 25th March 2021, under a strategic partnership the Edelweiss Infrastructure Yield Plus (EIYP), a
fund managed by Edelweiss Alternative Asset Advisors Ltd (EAAA), acquired the controlling stake in
French Utility major Engie Group’s solar energy assets in India.EIYP along with Sekura Energy Limited
(Sekura Energy),investee company, has completed the first stage of acquisition of 74% stake in Engie
Group, with 813 megawatts-peak (MWp) of operating capacity of solar assets in India.

BPCL sells 61.5% stake in Numaligarh Refinery for Rs.9876 crore

On 26th March 2021, The Bharat Petroleum Corporation Ltd (BPCL) sold its entire stake (61.5%) in
Numaligarh Refinery limited(NRL), Assam to consortium of Oil India Ltd(OIL) and Engineers India
Limited(EIL) and Government of Assam for Rs 9,876 crore.OIL acquired the 54.16% stake in Numaligarh
refinery to raise its share holdings to 80.16%, EIL bought a 4.4% stake and the remaining 3.2% was
acquired by the Government of Assam.

2021 Acquisitions & Mergers - April

ATL Acquired WKTL from Essel InfraProjects Ltd for Rs 3,370 crore
On 27th March, 2021, Adani Transmission Ltd (ATL) has entered into definitive agreements with Essel
InfraProjects Ltd for the acquisition of Warora-Kurnool Transmission Limited (WKTL) for Rs 3,370
Crore.Now, the total network of ATL will stand at 17,200 ckt km, of which 12,350 ckt km is already
operational and 4,850 ckt km (including this asset) is in various stages of execution. ATL is India’s
largest private sector power transmission and retail distribution company.

YES Bank Bought RInfra’s Reliance Centre at Santacruz for Rs.1200 crore
YES Bank bought the Reliance Centre of Reliance Infrastructure Limited (RInfra) at Santacruz, Mumbai,
Maharashtra for Rs.1200 crores. This sale of the office building of 21432.28 square meter plot in

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Santacruz is utilised to repay the debt of YES Bank. Under the Securitisation and Reconstruction of
Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002, The YES bank has issued
the demand notice to Reliance Infrastructure Ltd on 6th May 2020, for non-payment of loans amounting
to Rs. 2,892 crores.

APSEZ acquired the remaining 25% stake in Krishnapatnam Port for Rs 2,800 cr
On April 05, 2021, Adani Ports and Special Economic Zones (APSEZ) has acquired the outstanding 25%
stake in Krishnapatnam Port for Rs 2,800 crores from Vishwasamudra Holdings, making the port a
wholly-owned subsidiary of the company.In October 2020, APSEZ has acquired a 75% stake in the
Krishnapatnam port for Rs 13,675 crore.

BYJU’S the Edtech company acquired AESL for $1 billion

Byju’s, India’s biggest online education startup has announced its acquisition of Aakash Educational
Services Limited (AESL), a provider of test preparation services for $1 billion (about Rs 7,300 crore).
This deal is the biggest acquisition by Byju’s.

CCI Approved the Proposed Combination of SAMC to acquire PAMPL, PTCPL and PRAPL
Competition Commission of India (CCI) approved the proposed combination which is related to the
100% acquisition of the issued and paid-up equity share capital of Principal Asset Management Private
Limited (PAMPL), Principal Trustee Company Private Limited (PTCPL) and Principal Retirement
Advisors Private Limited(PRAPL) by Sundaram Asset Management Company Limited(SAMC).

HDFC acquires 10% stake in Kerala Infrastructure Fund Management Ltd

On 6th April 2021, Housing Development Finance Corporation (HDFC) Limited acquired 9.9% stake in
the Kerala based Asset Management company, Kerala Infrastructure Fund Management Ltd
(KIFML).3,88,303 equity shares, each valued at Rs 10 were bought by HDFC Ltd on a private placement
basis.

Axis Bank becomes Co-promoter of Max Life Insurance

Axis Bank along with its subsidiaries Axis Capital Limited & Axis Securities acquired 12.99% stake in
Max Life Insurance company to become a co-promoter of the insurance provider. The Axis Entities –
Axis Capital Limited & Axis Securities still have the right to acquire 7% in the life insurance company.In
February 2021, Insurance Regulatory and Development Authority of India (IRDAI) gave approval for
the acquisition.

CCI Approved the Acquisition of 60% Stake in Magma Fincorp by Rising Sun Holdings
Competition Commission of India (CCI) approved the acquisition of 60% stake holdings in Magma
Fincorp Limited (Magma Fincorp) by Rising Sun Holdings Private Limited (Rising Sun) and Sanjay
Chamria and Mayank Poddar has acquired an additional 4.68 percent stake.
This Rs.3456 crore deal enables the Rising Sun to acquire the controlling stakes in Magma Fincorp.

CCI Approves Acquisition of 89.6% of Shareholdings in GPL by APSEZ Ltd

Competition Commission of India (CCI) approved the acquisition of 89.6 per cent equity shareholding of
Gangavaram Port Limited (GPL) by Adani Ports and Special Economic Zones (APSEZ) Limited.The
acquisition was approved under Section 31(1) of the Competition Act, 2002.

GE Power India Planned to Acquire 50% equity stake in NTPC GE Power Services
GE Power India Ltd set to acquire 50 per cent equity stake (issued and paid-up share capital) in NTPC
GE Power Services Pvt Ltd (NGSL) for Rs.7.2 crore.The acquisition of shares of NGSL from GE Power

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Systems GmbH by GE Power India Ltd is a related party transaction as both of them are subsidiaries of
GE Group.

Bharti Airtel’s Nettle Infrastructure Investment acquires 100% stake in OneWeb India
Nettle Infrastructure Investments, a wholly-owned subsidiary of Bharti Airtel has acquired 100% stake
(10, 000 shares) in OneWeb India Communications Pvt Ltd. OneWeb launched in 2020 is a Low Earth
Orbit (LEO) satellite communications operator, co-owned by Bharti Global and the UK Government.
OneWeb is aiming to launch fast broadband services in India by June 2022.

Quess Corporation acquires 30% stake in Conneqt for INR 208 Crore
Bangalore based Business Services Provider Quess Corporation is set to acquire the remaining 30%
equity stake in Conneqt Business Solutions Ltd from Tata Sons Pvt Ltd for INR 208 Crore. With this
transaction, Conneqt,a Customer Lifecycle Management (CLM) and Business Process Management
(BPM) firm will become a wholly-owned subsidiary of Quess Corporation.Quess had acquired 51% of
Conneqt in 2017, and further increased its stake in Conneqt from 51% to 70% in May 2019 (through
infusion of primary capital).

Govt of Ghana to Acquire 100% stake of AirtelTigo from Bharti Airtel, Millicom International
Cellular S.A.
On April 2021, the Government of Ghana has made an agreement with Bharti Airtel, and Millicom
International Cellular S.A. to acquire the 100% shares of AirtelTigo. After the agreement Ghana will take
over AirtelTigo along with all its customers, assets and liabilities and later it will operate as a state-
entity of Ghana.

DCB Bank Acquired 9% Stake in Techfino Capital

DCB Bank Limited headquartered at Mumbai, Maharashtra acquired a minority stake of around 9 per
cent equity stake in Techfino Capital Private Limited (TCPL), a non-banking financial company
(NBFC).TCPL provides customized consumer loans in the education and healthcare sectors and is
present in key metros and tier-II cities across India.

Government to sell 20% stake in NFL & 10% Stake in RCFL

Government is set to divest 20% stake (paid-up equity capital) in National Fertilizers Limited (NFL) and
10% of its holding in Rashtriya Chemicals & Fertilizers (RCFL) through the Offer For Sale (OFS) route.At
present it holds 74.71% stake in NFL & 75 % stake in RCFL.The Department of Investment and Public
Asset Management (DIPAM) has sought expressions of interest from merchant bankers for both
divestment projects.

CCI Approved the 64.3% Stake Acquisition from BigBasket’s SGS by Tata Digital
Competition Commission of India (CCI) has approved Tata Digital Ltd(TDL) to acquire 64.3 percent of
the total share capital of Supermarket Grocery Supplies Private Ltd (SGS) and its sole control over
Innovative Retail Concepts (IRC) Private Ltd, the company that runs online grocery delivery platform
BigBasket.

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2021 Acquisitions & Mergers - May

DCB Bank Acquired Stake Worth 10 Crore from GIFT City’s India ICC & India INX
DCB Bank headquartered at Mumbai, Maharashtra has acquired Rs.10 Crore worth stake in
India International Exchange Ltd (India INX), India International Clearing Corporation Ltd
(India ICC) leading companies in GIFT City (Gujarat International Finance Tec-City),
International Financial Services Centre (IFSC).
 Both India INX and India ICC were promoted by the Bombay Stock Exchange (BSE) and
regulated by IFSC.

Motilal Oswal PE Acquired a Minority stake in Fincare Small Finance Bank

Acquisition b/w - Motilal Oswal Private Equity (MOPE) acquired a minority stake in Fincare
Small Finance Bank (Fincare SFB)
Cost detail - $25 million (about ₹185 crores) through a secondary acquisition.
 Secondary Acquisition – It means the acquisition of existing shares of the company by
the trust on the platform of a recognized stock exchange for cash consideration.

Carlyle Sells 4% Stake in SBI Life

Carlyle Group’s CA Emerald Investment sold a 4% stake (amounting to 4.1 crore shares) in SBI
Life Insurance for over Rs 3,900 crore through an open market transaction.
 After the transaction, SBI Life’s shares rose 3.22 percent to settle at Rs 1,000.50 on the
Bombay Stock Exchange (BSE).
By the end of FY21, Carlyle Group held a 6 percent stake in SBI Life through its investment arm
CA Emerald Investments.

Imola Acquisition Corporation acquires Ingram Micro Inc.

Imola Acquisition Corporation received approval from Competition Commission of India (CCI)
to acquire 100% shareholding and sole control of Ingram Micro Inc. and its parent companies
GCL Investment Management Inc., GCL Investment Holding Inc., along with direct and indirect
subsidiaries. Imola Acquisition Corporation is an entity incorporated recently by Platinum
Equity Group.

CPP acquired additional 15% stake of Indinfravit

Acquisition b/w - Canada Pension Plan Investment Board (CPP Investments) and IndInfravit
Trust, an infrastructure investment trust (InvIT).
CPP Investment already owns 27.9% of Indifravit. Now it has acquired an additional 15%
stake, increased its overall stake to 43.8%.
Amount of acquisition - Rs 1,005 crore (~173 million Canadian dollars ).

MMFS Extended the Date of Investment in Sri Lanka’s Ideal Finance

Mahindra & Mahindra Financial Services (MMFS) has extended the date of investment of the
third and final tranche for the acquisition of shares of Sri Lankan non-banking financial
company Ideal Finance Ltd (from its existing shareholders) to September 30, 2021 due to
COVID-19 crisis.

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Bay Tree India Holdings sells over 2% stake in Yes Bank
Bay Tree India Holdings I, owned by Tilden Park has sold over 2 percent stake in YES Bank
through open market transactions. Bay Tree India Holdings I LLC now has a stake of 40 percent
in YES Bank.

CCI Approved IBM’s Restructuring Plan

Competition Commission of India (CCI) has approved the green channel notice filed by Kyndryl
Holdings LLC and Grand Ocean Managed Infrastructure Services Private Limited in relation to
the internal restructuring of International Business Machines Corporation (IBM Corporation).

NHPC to acquire 2% equity stake in Chenab Valley Power Projects

Ministry of Power has approved the State-run hydro power NHPC Ltd to acquire the 2% equity
stake of Chenab Valley Power Projects Private Ltd. from PTC India. Now, after the acquisition,
NHPC’s share in Chenab Valley Power Projects Private Ltd increased to 51 percent and became
the majority stakeholder of it.

Groww Acquired Indiabulls MF for Rs 175 crore

Groww, an online investment platform, operated by Nextbillion Technology Pvt. Ltd made an
agreement with Indiabulls Housing Finance Ltd (IBHFL) to acquire the mutual fund(MF)
business of its subsidiaries Indiabulls Asset Management Company Ltd (IAMCL) and Trustee
Company of IAMCL, for Rs 175 crore (including cash and cash equivalents of Rs 100 crore).

PCHFL Received CCI Approval To Acquire DHFL

Acquisition b/w - Piramal Capital and Housing Finance (PCHF), a subsidiary of Piramal Enterprises
(PE) and Dewan Housing Finance Corporation Ltd. (DHFL).
 PCHF received approval from the Competition Commission of India (CCI) to acquire DHFL
Reserve Bank of India (RBI) approved the resolution plan of PE to acquire DHFL through PCHF
with a total payment of around Rs 35,000 crores.

GPL to Acquire YES AMC ; Adani port to Acquire remaining Stake of Krishnapatnam Port
1.Acquisition b/w - GPL Finance and Investments Limited(GPL) & YES Asset Management Company
(AMC) (India) of YES Trustee Limited (YES Trustee).
 Competition Commission of India (CCI) approved the acquisition of 100 percent equity shares
of YES (AMC) (India)(YES AMC) by GPL. Through these acquisitions, GPL will acquire Yes
Mutual Fund.
2. Acquisition b/w - Adani Krishnapatnam Port Limited(AKPL) by Adani Ports and Special Economic
Zone Limited(APSEZL) and Vishwa Samudra Holdings.
 CCI approved the acquisition of the remaining 25% shareholding of AKPL by APSEZL from
Vishwa Samudra Holdings for Rs 2,800 crore.

Govt Sold its 58 million shares in the Axis Bank

The government(govt) sold 58 million shares or 1.95 per cent stake in Axis Bank, which is held
through the Specified Undertaking of the Unit Trust of India (SUUTI) to raise around Rs 4,000 crore.
The shares are sold through the offer for sale (OFS) route.

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Adani Green to Acquire SB Energy India for EV of $3.5 billion
Acquisition b/w - Adani Green Energy Limited (AGEL) & SB Energy Holdings Limited .
AGEL agreed to acquire the 100 percent stake of SB Energy Holdings Limited at an enterprise
valuation(EV) of ~ $3.5 billion, the largest acquisition in the renewable energy sector in India. Through
this, AGEL’s intent to become the world’s largest solar player by 2025 and thereafter the world’s largest
renewable company by 2030.

Kotak Mahindra Bank Buys 46.7% stake in Kotak Mahindra Pension Fund
Kotak Mahindra Bank acquired 1.3 crore shares i.e., around 46.7% equity of Kotak Mahindra Pension
Fund Limited(KMPFL) from Kotak Mahindra Asset Management Company Limited(KMAMC). The cost
of acquisition is Rs 12.71 crore.

MRPL Acquired 100% Stake in ONGC Mangalore

Acquisition b/w - Mangalore Refinery and Petrochemicals Ltd (MRPL) & ONGC Mangalore
Petrochemicals Ltd (OMPL)
MRPL acquired the outstanding 0.00027776 percent equity holding of OMPL from Oil and Natural Gas
Corporation Limited (ONGC).After this acquisition OMPL, the subsidiary of MRPL became the wholly-
owned subsidiary of MRPL, as MRPL now acquired the 100 percent stake of OMPL.

LIC Hiked its Stake in Union Bank to over 5%

Acquisition b/w - Life Insurance Corporation of India (LIC) & Union Bank of India(UBI)
LIC acquired around a 2 percent stake in the state-run Union Bank of India(UBI) and hiked its stake
hold in UBI to 5.06 percent. Earlier, the LIC held a 3.09 percent stake in UBI, representing 19,79,23,251
equity shares of the bank, now it was increased to 5.06 percent (34,57,64,764 shares).

HDFC Ltd Sold 3.08 percent Stake of RInfra

Housing Development Finance Corporation (HDFC) Ltd, an Indian financial services company, sold
further 81,05,677 shares equivalent to 3.08 percent share capital of Reliance Infrastructure Limited
(RInfra) for worth over Rs 43.91 crore.HDFC held these shares on account of invocation of pledge
through Axis Trustee Services.

CCI Approved Intra-group Reorganisation of Motherson Group

Competition Commission of India (CCI) approved the intra-group reorganization of the Motherson
Group under the green channel route which was proposed by Motherson Sumi Systems Limited (MSSL),
Samvardhana Motherson International Limited (SAMIL), and Sumitomo Wiring Systems Limited (SWS).

2021 Acquisitions & Mergers - June

CCI Approved Acquisition of Avana, TFPL And Transworld Feeders FZCO By Unifeeder
Competition Commission of India (CCI) has approved the acquisition of Avana Logistek Limited,
Transworld Feeders Private Limited and Transworld Feeders FZCO by Unifeeder ISC FZCO.

Pharmeasy Acquires Medlife, Becomes India’s Largest E-Pharma Company

An online medical platform, PharmEasy has acquired its rival Medlife, to create India’s largest online
pharmacy. API Holdings, the parent of PharmEasy, has acquired 100 percent equity shares of Medlife in
return for 19.59 percent equity share capital, estimated at $250 million.

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Manipal Hospitals Acquires Vikram Hospital for ₹350 Crore
Manipal Hospitals, the second largest hospital chain in India, entered into a definitive agreement to
acquire 100% stake in Bengaluru-based multi-specialty hospital Vikram Hospital for a consideration of
₹350 crore.

Overview of CCI’s Approval for Stake Acquisitions and Merging of Firm

Competition Commission of India (CCI) approved the following proposed acquisitions and merging of
firms.
 Tata Power’s 51% acquisition of 3 Odisha power utilities in Odisha.
 ReNew Power merger with RMG II.
 acquisition of Mphasis Limited by BCP Topco IX Pte. Ltd. (BCP Topco), Waverly Pte Ltd. and
Platinum Owl C 2018 RSC Limited.
 Byju’s acquisition of Aakash Educational Services with an estimated at $950 million.

BharatPe marks its First Acquisition by acquiring Payback India

Digital Payment application BharatPe has acquired 100 percent stakes of multi-brand loyalty
platform PAYBACK India from American Express and ICICI Investments Strategic Fund which hold 90
percent and 10 percent stake respectively in the entity.
 This is the first-ever acquisition by BharatPe.
 Payback India becomes a wholly-owned subsidiary of BharatPe.

PCHFL Received NCLT Approval To Acquire DHFL

Piramal Capital and Housing Finance (PCHF), a subsidiary of Piramal Enterprises (PE), received
approval from the National Company Law Tribunal (NCLT) to acquire Dewan Housing Finance
Corporation Ltd. (DHFL) for Rs 37,250 crore with certain conditions.

Canara Bank to Be the Lead Sponsor of NARCL with 12% Stake

Public sector lender Canara Bank will be the lead sponsor and biggest shareholder of National Asset
Reconstruction Company Ltd (NARCL) or Bad Bank with a 12 percent stake in the entity. NARCL is
being formed by all the banks and some of the Non-Performing Assets (NPA) of these banks will be
transferred to NARCL for recovery.
 Union Bank of India (UBI) will pick up a 9 percent stake in NARCL.UBI has identified NPA worth
Rs.7800 crore to be transferred to the NARCL for resolution.

CCI Approved Proposed Deal to Acquire Stake in Magma HDI General Insurance
Competition Commission of India (CCI) has approved the proposed acquisition of a stake in Magma HDI
General Insurance Company by India Advantage Fund S4 I (IAF) & Dynamic India Fund S4 US I (DIF)
and NHPEA Trisul Holding B.V(NTH).
This is a combination transaction involving IAF and DIF together, picking less than 25 per cent and NTH
picking up less than 10 percent combined interest in Magma HDI General Insurance.

Danish Fund IFU, UNOPS’ S3i Partners with ACME Solar’s Project in Rajasthan
ACME Solar Holdings Ltd signed a shareholders’ agreement with United Nations Office for Project
Services’ (UNOPS) Sustainable Investments in Infrastructure and Innovation (S3i) and Denmark’s
Investment Fund for Developing Countries (IFU) for developing a 250-megawatt (MW) solar power
plant project in Rajasthan. The total value of the project was equivalent to under USD 200 million.
 ACME holds an equity stake of 51 percent in the project, while IFU and UNOPS S3i and IFU will
hold 39 percent and 10 percent stakes, respectively.

CARH, Carlyle’s Subsidiary Sold 5.1% Shares Worth Rs 4,811 Crore in SBI Card
Ca Rover Holdings (CARH), a subsidiary of Carlyle Group sold its 5.1 percent shares in SBI Card and
Payment Services Ltd (SBI Card) worth about Rs 4,811 crore through open market transactions on the
Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
As of March 2021, Ca Rover Holdings held an 11.61 percent stake in the SBI Card. Through the sale of
shares, Carlyle group’s shareholding in SBI Card fell below 10 percent.

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Muthoot Fincorp acquires 54% stake in Paymatrix
Financial Service provider Muthoot Fincorp, flagship company of Muthoot Pappachan Group, has
raised a majority 54% stake in Hyderabad (Telangana)-based fintech startup Paymatrix by buying out
existing investors.It was acquired through a combination of primary and secondary investments. This
information was provided by Muthoot Pappachan Group chairman Thomas John Muthoot.

CCI Approved Heineken’s Additional Stake Acquisition in United Breweries

Competition Commission of India (CCI) has approved the acquisition of an additional equity stake of
about 16.40 percent shareholding of United Breweries Limited (UBL) by Heineken International BV
(HIBV).HIBV is an investment holding company and it is not engaged in any business activity.

HDFC Bank to buy stake in ‘ERGO General Insurance ‘& ‘Borderless Softtech’
HDFC bank is all set for the purchase of 3,55,67,724 equity shares of Rs 10 each in group firm HDFC
ERGO General Insurance Company from the parent company Housing Development Finance
Corporation (HDFC). The approval for the same was provided by the board of HDFC Bank during its
meeting. HDFC Bank to buy 8,108 shares in Borderless Softtech worth Rs 6.9 crore.

Adani Power to Acquire 1,200 MW Essar Power’s Mahan Project

Adani Power Limited (APL) has received a Letter of Intent (LoI) from a Resolution Professional of the
National Company Law Tribunal (NCLT) for the acquisition of 1,200 megawatt (MW) Essar Power’s
Mahan Project located at Singrauli district of Madhya Pradesh.This acquisition is estimated at Rs 3,000
crore.

CCI Approves Acquisition of Zuarinagar Plant by Paradeep Phosphates

Competition Commission of India (CCI) has approved the acquisition of the Zuarinagar plant of Zuari
Agro Chemicals Ltd (ZACL) by Paradeep Phosphates Limited (PPL). Urea and Non-urea fertiliser
products are developed and manufactured at the Zuarinagar, Goa plant. PPL mainly manufactures and
sells non-urea fertilisers, namely, diammonium phosphate and NPK fertilisers. It also imports and sells
Muriate of Potash.

LIC, SBI Life & Canara Bank Pick Up Stakes in Indian Bank Under QIP
According to a regulatory filing, the Life Insurance Corporation (LIC), SBI Life Insurance and
Canara Bank were among the top investors picking up stakes in Indian Bank under the qualified
institutional placement (QIP).Indian Bank has raised a total of Rs 1650 crore in its QIP of shares which
were issued at Rs 142.15 apiece.

Hdfc Bank Acquired 7.4% Stake in Virtuoso Infotech

HDFC Bank, India’s largest private sector bank and its subsidiary HDFC Securities Limited has acquired
a 7.4 percent stake in Virtuoso Infotech Pvt. Ltd., an enterprise software solutions company.The
acquisition was held through Virtuoso Infotech’s 1st announcement of investment fundraising on June
28, 2021.

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