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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
2021 Acquisitions & Mergers - July ............................................................................................................................. 18
2021 Acquisitions & Mergers - August ........................................................................................................................ 21
2021 Acquisitions & Mergers – September ................................................................................................................. 22
2021 Acquisitions & Mergers – October ...................................................................................................................... 24
2021 Acquisitions & Mergers – November ................................................................................................................. 26
2021 Acquisitions & Mergers – December .................................................................................................................. 26

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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

Topic-Wise PDF
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.

Topic-Wise PDF
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.

Topic-Wise PDF
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.

Topic-Wise PDF
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.

Topic-Wise PDF
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.
2021 Acquisitions & Mergers - July

Standard Life Sold Rs 6783 Cr Worth Shares of HDFC life
Standard life Mauritius holdings 2006 Limited, a subsidiary of the Standard Life Aberdeen PLC, the
promoter of the HDFC life insurance company has sold its Rs 6783 crore worth shares of HDFC
Life.Standard Life sold its 3.46% stake in HDFC life worth Rs 6,783.59 crore through open market
transactions.
CCI Approved Acquisition of SB Energy by Adani Green; Merger of Tech Data, SYNNEX
Competition Commission of India (CCI) under Section 31(1) of the Competition Act, 2002 has
approved the acquisition of SB Energy Holding Limited by Adani Green Energy Limited for about $3.5
billion, the largest acquisition in the renewable energy sector in India.

Topic-Wise PDF
 CCI has also approved the merger of Tech Data Corporation, a subsidiary of Tiger Parent, with
SYNNEX Corporation.
Amazon Web Services acquired Encrypted Messaging app Wickr

Amazon is all set to have its own messaging application as its cloud computing division, Amazon Web
Services (AWS), has acquired encrypted messaging platform Wickr for an undisclosed sum.
The acquisition is on the lines of the company’s strategy for government contract work. Notably, Wickr
is a popular app with government agencies in the United States (US).
ADIA Picked up Minority stake in Mobikwik for $20 million

Abu Dhabi Investment Authority (ADIA), the United Arab Emirates’s (UAE) sovereign wealth fund, has
picked up a minority stake in Mobikwik, the IPO (Initial Public Offering)-bound digital payments firm,
for around $20 million (Rs 150 crore). As per the Registrar of Companies (RoC) filing by Mobikwik
after the current funding the values at $700 million (Rs 5,193 crore).
Edelweiss Group Sold its Entire Stake in EGIBL to Gallagher & Co

Edelweiss Group, one of India’s leading diversified financial services firms, has sold its entire stake in
Edelweiss Gallagher Insurance Brokers Limited(EGIBL), an insurance broking joint venture to
Gallagher & Co.Gallagher previously held 30% stakes in EGIBL and has now acquired the remaining
shares.
Govt to Sell up to 4% Stake in NMDC via OFS

Government plans to offload 4 percent stake (11,72,24,234 equity shares) in National Mineral
Development Corporation (NMDC), India’s largest iron ore mining company, through an offer for sale
(OFS).The President of India (acting through and represented by the Ministry of Steel) is the promoter
of NMDC. He holds 68.29 percent stake in the company.
HDFC Divested 2.46% Stake in HOECL

Housing Development Finance Corporation (HDFC) Ltd had divested 2.46 percent (32,53,517
shares) of its stake in Hindustan Oil Exploration Company (HOECL) for Rs 37.19 crore. In FY21 HOECL’s
standalone total revenue stood at Rs 111.26 crore and the balance sheet of the company was at the size
of Rs 1,035.27 crore.
CCI Approved – Summit India (Tripura) to Acquire 23.5% Stake in OTPC & SVF II Songbird to
Buy Stake in Swiggy
Competition Commission of India (CCI), approved the proposed acquisition of 23.5 per cent stake equity
share capital in ONGC (Oil & Natural Gas Corporation Limited) Tripura Power Company by Summit
India (Tripura).
 CCI approved the acquisition of stakes in Bundl Technologies Private Limited, a private limited
company incorporated in India and is engaged in operating Swiggy, by the SVF II Songbird, a
SoftBank Group entity.
Thailand’s PTT GRSC acquired 41.6% stake in India’s Avaada Energy Pvt
Global Renewable Synergy Company Ltd (GRSC) the subsidiary of Global Power Synergy Public
Company Limited (GPSC), a unit of Thailand’s state-owned PTT Group, has acquired 41.6% stake in
Avaada Energy Private Limited, India’s renewable energy provider.
The GRSC has purchased the 41.6% stake of equity interest in Avaada Energy Pvt through subscription
of new shares for around 14.8 billion Baht (around 453 Million USD or Rs 3381 crore).

Topic-Wise PDF
Reliance Retail Acquired 40.95% Stake in Just Dial for Rs 3,497 Crore
Reliance Retail Ltd, the largest retail player of India and the subsidiary of Reliance Industries Ltd
(RIL) has made an agreement with Just Dial Ltd and its founder & managing director VSS Mani to
acquire an aggregate of 40.95 percent share of controlling stake in Just Dial for a total of Rs 3,497 crore.
 Initially Reliance Retail will acquire a 25.33 percent stake through preferential shares (at a price
of Rs 1,022.25 per share) and later it will buy another 15.62 percent from Just Dial founder VSS
Mani (at a price per share of Rs 1,020).
CCI Approves Acquisition of 16.57% Stakes in Mukand Limited by Bajaj Group Entities
Competition Commission of India (CCI) has approved the acquisition of around 16.57% equity shares
in Mukand Limited(ML) by Bajaj Sevashram Private Limited (BSPL), Bachhraj & Company Private
Limited (BCOPL), Bachhraj Factories Private Limited (BFPL) and Sanraj Nayan Investments Private
Limited (SNIPL).
BSPL, BCOPL, BFPL and SNIPL are a part of the Bajaj Group of companies.
Razorpay Acquired TERA Finlabs in its 3rd Acquisition

Razorpay, a converged payments solution company in India, has acquired the TERA Finlabs, artificial
intelligence (AI)-based risk analysis platform based in Bengaluru, Karnataka. This is the 3rd
acquisition of Razorpay since its inception.TERA Finlabs is the Indian subsidiary of GAIN Credit, a
United Kingdom(UK)-based digital lender.
 The technology stack and risk management capabilities and onboarding solutions of TERA will be
used to create a credit line for the merchant network of Razorpay.
Govt to Sell 8% Stake in HUDCO via OFS to Raise Around Rs.720 crore
The government is set to sell 8% of stakes in Housing and Urban Development Corporation Ltd
(HUDCO), a Public Sector Company (PSC) under the Ministry of Housing and Urban Affairs (MoHUA),
through an offer for sale (OFS), to raise around Rs 720 crores.
 President of India, Ram NathKovind, acting through MoHUA, approved the sale of shares in HUDCO
through the OFS route.
After the sale of stakes, the Government’s holdings in HUDCO will be reduced to 81.81% if it uses the
greenshoe option.
Axis Bank, ICICI, HDFC Bank Bought Stake in IBBIC

Private sector lenders HDFC Bank, ICICI Bank and Axis Bank have bought a stake in Indian Banks’
Blockchain Infrastructure Co (IBBIC) Pvt Ltd, a financial technology firm.HDFC Bank and Axis Bank
have picked up 50,000 equity shares amounting to 5.55 percent of the issued and paid-up capital of
IBBIC. HDFC Bank and Axis Bank invested Rs 5 lakh each for the shares.
Edtech Company Byju’s Acquired Great Learning for 600 million USD
Byju’s, Indian Educational technology(Edtech) company based in Bengaluru has acquired the
Singapore based higher education platform “Great Learning” for 600 million USD(around Rs 4466
Crore) andafter-school learning app “Toppr” for 150 million USD(around Rs 1117 crore).
 Byju’s is set to invest an additional 400 million USD to accelerate the growth of “Great Learning”.
Ladakh Received RBI Approval to Acquire 8.23% Stake in J&K Bank

The government of Union Territory (UT) of Ladakh has got the Reserve Bank of India (RBI)’s approval
to acquire 8.23% of the paid-up equity capital of Jammu and Kashmir Bank (J&K bank) as of the date of
enforcement of Jammu and Kashmir Reorganisation Act 2019, i.e, 31st October 2019.
 The board of Jammu and Kashmir Bank (J&K Bank) has approved to transfer the ownership of
8.23% stake, around 4.58 crore equity shares, out of its shareholdings in J&K Bank to Ladakh.

Topic-Wise PDF
IFC Acquires 4.99% Stake in Federal Bank for Rs 916 Crore
International Finance Corporation (IFC), the investment arm of World Bank and its 2 investment funds-
IFC Financial Institutions Growth (FIG) Fund and IFC Emerging Asia Fund (EAF), has acquired a 4.99%
stake in the Federal Bank for Rs.916 crore. This is IFC’s first investment in India in line with Greening
Equity Approach.
The board of Federal bank approved the issuance of 10.5 crore equity shares of face value Rs 2 each to
IFC Group at Rs 87.39 per share.
2021 Acquisitions & Mergers - August

OMERS Acquired 19.4% Stake in Azure Power Global for $219 million from IFC
Canadian pension fund Ontario Municipal Employees’ Retirement System (OMERS) acquired a 19.4
percent stake in Azure Power Global for $219 million from International Finance Corporation (IFC), the
private sector arm of the World Bank Group and IFC GIF Investment Company.
 In May 2021, India has granted income tax exemption to OMERS Administration Corporation for
infrastructure investments in India.
CCI Approves Acquisition of Equity Stake in PNBHFL by Carlyle Group

Competition Commission of India (CCI) has approved the acquisition of equity shares in PNB Housing
Finance Limited (PNBHFL) by Pluto Investments, an entity of Carlyle Group and Salisbury Investments
Pvt. Ltd, under the Green channel facility.The transaction approved under Green Channel is deemed to
be approved under regulation 5A of the CCI.
 The CCI’s approval of the proposed investment of Rs.4000 crore, makes Carlyle Group the majority
shareholder of PNBHFL.
 CA Emerald Investments, an affiliate of Carlyle Asia Partners, is exiting the SBI Life Insurance
Company (SBI Life) by selling the remaining 1.9% Stake worth Rs 2,160 crore through the stock
exchange platform.
SBI, Axis Bank, ICICI Bank, and 3 other Banks buy stakes in IBBIC
6 Banks namely State Bank of India (SBI), Axis Bank, Indian Bank, Yes Bank, IDBI Bank, and ICICI Bank
have brought Equity Stakes in Financial Technology Platform IBBIC (Indian Banks’ Blockchain
Infrastructure Co).The 6 Banks have picked up 5.55 percent stake each, representing 50,000 shares in
IBBIC, for cash at INR 5 lakh each.
CCI Approves Acquisition of Bikaji Foods International by Lighthouse Funds

Competition Commission of India (CCI) has approved the acquisition of Bikaji Foods International
Limited by the Lighthouse India Fund III Limited (Fund III) and Lighthouse India III Employee Trust
(Lighthouse Employee Trust) under section 31(1) of the Competition Act 2002.
 The CCI has approved the acquisition of 2.727% of equity shareholding of Bikaji foods by Fund III
and Lighthouse Employee Trust.
Government to sell 25% stake NSC through IPO

Government of India is set to sell around a 25% stake in National Seeds Corporation Limited (NSC)
through an initial public offering (IPO). National Seeds Corporation (NSC) is a Public Sector Undertaking
(PSU) under the Ministry of Agriculture and Farmers Welfare(MoA&FW). Department of Investment
and Public Asset Management (DIPAM), Under the Minister of Finance, has invited bids from merchant
bankers and legal advisors to work on this IPO and the subsequent stock exchange listing of NSC.

Topic-Wise PDF
CCI Approved the Acquisition of 9.3% stake in Grofers India & HoT by Zomato
Competition Commission of India (CCI) has approved the acquisition of a 9.3% stake in each of Gofers
India Private Limited (Grofers India) and Hands-on Trades Private Limited (HoT) by Zomato Limited
(Zomato).Grofers International Pte. Limited (Grofers International) is the investment holding company
of Grofers India and HoT.
Zomato has invested around 100 million USD (around Rs 745 crore) to acquire a minority stake in
Grofers to have more exposure to the online grocery segment.
ARTL to Acquire 49% Stake in MBCPNL

Adani Road Transport Ltd (ARTL), the wholly-owned subsidiary of Adani Enterprises Limited (AEL) is
set to acquire a 49% stake in Maharashtra Border Check Post Network Limited (MBCPNL), a subsidiary
of Sadbhav Infrastructure Project Limited (SIPL), with an option to acquire additional stakes subject to
regulatory approval. The acquisition at an enterprise value of Rs 1680 crore is 7 times its current
EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization).
HDFC Bank divests 2.21% stake in CDSL

HDFC Bank has divested 2.21% stakes in Central Depository Services (India) Limited (CDSL) for Rs
222.71 crore over a period from 22nd June 2021 to 24th August 2021.
 Eldeco Group has partnered with HDFC Capital Advisors Limited, a subsidiary of HDFC Limited, to
set up a Rs 150 crore platform to build housing projects.
1.59% Shares of Canara Bank Picked Up by Rakesh Jhunjhunwala

Rakesh Jhunjhunwala has picked up 1.59% or 2,88,50,000 equity shares via the qualified institutions
placement (QIP) in Canara Bank, which is around INR 407 Crore. With this Jhunjhunwala has become
one of the top investors in the bank.
IDBI Bank Divests its Entire 19.18% Stake in ARCIL

The board of Directors of IDBI Bank has approved to divest its entire stake – 19.18% in Asset
Reconstruction Company (India) Ltd (ARCIL). The board approved the proposal to sell its entire
holdings of 6,23,23,800 fully paid-up equity shares constituting 19.18% of the total equity share capital
of ARCIL
2021 Acquisitions & Mergers – September

PayU Acquired Billdesk for 4.7 billion USD
PayU Payments Private Limited (PayU), a subsidiary of Prosus has entered into an agreement with the
shareholders of IndiaIdeas.com Limited (BillDesk)to acquire 100% of its Equity shares for 4.7 Billion
USD (around Rs 34 thousand Crores).Prosus NV is a global consumer internet group and technology
investor.The acquisition is subject to approval from the Competition Commission of India(CCI).
Kotak Mahindra Bank to Sell 20Cr Shares of APBL to Bharti Enterprises for Rs.294 Cr
Kotak Mahindra Bank is set to sell its 20 crore equity shares (around 8.57%) of Airtel Payment Bank
Limited (APBL) to Bharti Enterprises Limited for a cash consideration of around Rs 294.8 crore. The
Bharti Enterprises has received approval from the Reserve Bank of India to enable the execution of the
proposed transaction.

Topic-Wise PDF
CCI Approves the Acquisition of TVS Supply Chain Solutions Pvt Ltd by T.S. Rajam Rubbers &
Dhinrama Mobility Solution
Competition Commission of India (CCI) approved the acquisition of certain shareholding in TVS Supply
Chain Solutions Private Limited by T.S. Rajam Rubbers Private Limited and Dhinrama Mobility Solution
Private Limited under Section 31(1) of the Competition Act, 2002.
 This transaction will be carried out through a secondary purchase from CDPQ Private Equity Asia
Private Limited (CDPQ), an existing shareholder.
HDFC Life to Acquire 100% Stake in Exide Life for Rs 6687 crore
HDFC Life Insurance Company (HDFC Life) is set to acquire 100% share capital of Exide Life Insurance
Company for a total cash consideration of Rs 6687 crore. Rs 725.97 crore of the total cash consideration
is payable in cash and the balance by issuing 8.70 crore equity shares of face value of Rs 10 at an issue
price of Rs 685 per share.This is the biggest insurance deal in India.
RSBVL acquires 57% stake in Strand Life Sciences for Rs 393 crores
Reliance Industries Limited’s (RIL) subsidiary - Reliance Strategic Business Ventures Limited (RSBVL)
acquired 57.06% stake in Strand Life Sciences by buying over 2.28 crore shares in the company for Rs
393 crores.RIL is also planning to invest another Rs 160 crores in Strand Life Sciences by March 2023,
increasing its total share in the company by about 80.3%, with a total of Rs 553 crore investment.
ICICI Lombard gets Approval for the Acquisition of Bharti Axa from IRDAI
India’s largest private sector general insurer, ICICI Lombard got the final in-principle approval from
Insurance Regulatory and Development Authority of India (IRDAI) for the acquisition Bharti Axa
General Insurance. Bharti AXA General Insurance is a joint venture of Bharti, an Indian business group
with 51% and AXA, a global insurance and asset management company with 49% stake.
LIC picks up nearly 4% stake in Bank of India through open market transaction
Life Insurance Corporation (LIC) of India has picked up around 3.9% stakes (around 159007791
shares) of Bank of India (BOI) through Open Market Acquisition on 2nd September 2021. With this
acquisition the stake of LIC in Bank of India has increased from 3.17% to 7.05%, equivalent to
289287324 shares.
Amicus Insurance Broking to Merge with First Policy Insurance Broker

First Policy Insurance Brokers will merge with Amicus Insurance Brokers to consolidate its position in
the market. After the merging, they will become one of the leading insurance brokers in the
country.Insurance regulator, Insurance Regulatory and Development Association of India (IRDAI)
granted the in-principle approval for this transaction on 5th August 2021.
Byju’s Acquired Gradeup; Rebranded as Byju’s Exam Prep

Ed-Tech Unicorn Byju’s has acquired the online exam preparation platform Gradeup to boost the ed
tech’s presence in the online competitive exam preparation category.Following the acquisition of
Gradeup, it has been rebranded as Byju’s Exam Prep.This marks the 8th acquisition by Byju’s in 2021.
 Gradeup headquartered in Noida, Uttar Pradesh was established in 2015 by Shobhit Bhatnagar,
Sanjeev Kumar, and Vibhu Bhushan.
CCI Approved Acquisitions – Inflow by Savex; ONGC Tripura Power Company Limited by GAIL &
Indiabulls AMC by Groww
Competition Commission of India (CCI) approved the acquisition of 100% of the equity share capital of
Inflow Technologies Private Limited (Inflow) by Savex Technologies Private Limited (Savex).

Topic-Wise PDF
 CCI approved the acquisition of 26% equity share capital of ONGC Tripura Power Company
Limited by GAIL (India) Limited from Infrastructure Leasing & Financial Services (IL&FS) group.
CCI has approved the acquisition of 100% shareholding of (Indiabulls AMC) and Indiabulls
Trustee Company Limited (Indiabulls Trustee) by Nextbillion Technology Private Limited,
doing business as Groww.
Kotak Mahindra Bank to buy 9.98% stake in KFin Technologies for Rs 310 Crore
On 20th September 2021, Kotak Mahindra Bank (KMB) announced to acquire 9.98% stakes of KFin
Technologies by buying over 1.67 crore equity shares for Rs 310 crores as a primary capital infusion to
the company. The companies are planning to complete the acquisition by the end of October 2021.
CCI Approved the Acquisition of 10.40% Stake in GPL by Adani Ports

Competition Commission of India (CCI) has approved the proposed acquisition of a 10.40% stake in
Gangavaram Port Limited (GPL) by Adani Ports and Special Economic Zone Limited (APSEZ), a part of
the Adani Group, a leading integrated ports and logistics company from the government of Andhra
Pradesh. The consideration of the proposed acquisition of a 10.40% stake in GPL is Rs 644.78 crore.
CA Rover Holding Sold a 3.4% Stake in SBI Cards for Rs 3267 crore
CA Rover Holdings, a United States(US)-based private equity fund, has sold 3.2 crore shares amounting
to a 3.4% stake in SBI Cards, for 443 million USD (around Rs 3267 crore).CA Rover Holdings is a part of
the Carlyle Group and an affiliate of Carlyle Asia Partners.
 This transaction was put through stock exchanges under the Bulk deal window.
The sale price has been fixed at Rs 1021 to Rs 1072.30 apiece.
IndusInd Bank Acquired 4.79% Stake in McLeod Russel India

The IndusInd Bank has acquired a 4.79% stake in debt-laden McLeod Russel India Limited
(MRIL) by involving pledged shares for recovery of its dues. The bank, in accordance with the
invocation of the pledge of shares, acquired 5000000 equity shares of MRIL.
The Headquarters of Induslnd Bank is Pune, Maharashtra.
2021 Acquisitions & Mergers – October

Metlife to Acquire 15.27% Stake in PNB Metlife India for Rs 1,906 crore; Total Holding
Increases to 47.325%
Metlife International Holdings is set to acquire a 15.27% stake in PNB MetLife India Insurance
Company Limited for a cash consideration of Rs 1906 crore. Metlife International Holdings will acquire
the stakes owned by IGE (India) Private Limited and Elpro International Limited. This acquisition
marks the first instance where the foreign partner increases its stake in a joint venture insurance
company in India.
Adani Finserv buys 10% stake in CSC Grameen eStore

Adani Finserv, a financial services arm of Adani group has acquired 10% equity stake in the
government’s rural ecommerce venture CSC Grameen eStore. CSC (Common Service Centre)
Grameen eStore is a wholly-owned subsidiary of CSC e-Governance Services, a joint venture between
the Ministry of Electronics and Information Technology (Meity) and industry. Its Managing Director is
Dinesh Tyagi.

Topic-Wise PDF
Reliance New Energy Solar to acquire 40% stake in Sterling & Wilson Solar
Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary of Reliance Industries Ltd signed
definitive agreements with Shapoorji Pallonji and Company Private Ltd (SPCPL), Khurshed
Daruvala and Sterling & Wilson Solar Ltd (SWSL) to acquire 40% stake post-money in SWSL through a
series of transactions for approximately Rs 2,845 crore.
 Recently, Reliance Industries acquired Norway-headquartered solar module maker REC Solar
Holdings for an enterprise value of US$ 771 million from China National Bluestar.
SBI, UBI, PNB & Indian Bank picked up stakes in NARCL

The State bank of India(SBI), Union Bank of India(UBI), Punjab National Bank(PNB) and Indian Bank
has picked up more than 12% stake each in the proposed bad bank National Asset Reconstruction
Company Ltd (NARCL). SBI and UBI have picked up a 13.27% stake each which represents a cumulative
3.88 crore shares in NARCL.
 The PNB has picked up a 12.06% stake which is around 1.8 crore shares in NARCL.
 The Indian Bank has picked up around a 13.27% stake, subscribing 1.98 crore equity shares for a
cash consideration of Rs 19.80 crore
CCI Approved Acquisition of HGS’ healthcare BPO services by Betaine BV & GCAPH by
Starnmeer B.V
Competition Commission of India (CCI) has approved the acquisition of worldwide healthcare business
process outsourcing (BPO) services of Hinduja Global Solutions Ltd (HGS) along with certain assets,
contracts and employees by Betaine B.V. Betaine has been recently incorporated in the Netherlands for
the proposed transaction.
 CCI has also approved the acquisition of Global Content Alpha Partners Holdco Pte. Ltd. (GCAPH)
by Starnmeer B.V. (Starnmeer) under Section 31(1) of the Competition Act, 2002.
CCI approves Acquisition of Parexel International Corporation by Phoenix Parentco

Competition Commission of India (CCI) approved the acquisition of Parexel International Corporation
(PIC), which is headquartered in Durham, USA (United States of America) by Phoenix Parentco
Inc.Parexel is a biopharmaceutical company that provides outsourcing services to other companies. The
Phoenix Parentco Inc.,will acquire 100% of the equity shareholding of PIC.
CCI Approved Acquisition of 4.99% Stake of HDFC ERGO by HDFC Bank

Competition Commission of India(CCI) has approved the acquisition of 4.99% of the outstanding equity
share capital of HDFC ERGO General Insurance Company by HDFC Bank. The acquisition will enable the
HDFC Bank to participate in the growth opportunities of HDFC ERGO and create a long-term value for
the shareholders.
CCI Approved Acquisition Lodestone & WMW by Tech Mahindra

Tech Mahindra Limited has acquired United States(US) based Infostar LLC, which is doing business as
Lodestone for 105 million USD (~Rs 788 crores) and We Make Websites Limited (WMW), based in
London for 9.4 million pounds (~ Rs 97 crores) to strengthen its digital portfolio.
 Lodestone is one of the leading digital engineering quality assurance providers for new-age
digital companies.
 WMW is a website building and migration service on the Shopify Plus platform.
Swiss Re takes 23 % Stake in Paytm Insuretech for INR 920 crore

Paytm Insuretech Limited (PIT), an associate of Paytm, entered into a strategic partnership with Swiss
Re. The Swiss Re will invest approximately INR 920 crore to buy 23% stake in Paytm Insuretech.
Through an investment in PIT, Swiss Re and Paytm will work towards closing the insurance protection
gap in the market.
 The Headquarters of Swiss Re Zurich, Switzerland.

Topic-Wise PDF
2021 Acquisitions & Mergers – November

CCI Approves HDFC Life’s 100% Acquisition of Exide Life
Competition Commission of India (CCI) gave the approval to HDFC Life Insurance Company for
acquiring 100% shareholding of Exide Life Insurance Limited under Article 31 (1) of the Competition
Law of 2002.After the completion of the share acquisition, Exide Life (which will become a wholly
owned subsidiary of HDFC Life) is proposed to merge with HDFC Life.
NCLT Approved GAIL’s acquisition of ILFS’s 26% stake in OTPC

National Company Law Tribunal (NCLT) has approved the acquisition of the 26% stake of bankrupt
Infrastructure Leasing and Financial Services(ILFS) in ONGC Tripura Power Company (OTPC) by GAIL
(India) Ltd.The 26% stake are acquired from IL&FS Group companies: IL&FS Energy Development
Company Ltd (EDCL) and IL&FS Financial Services Ltd (IFIN)
CCI Approved Acquisition of 71.25% Shareholding of ASKIM Ltd by BCP TopCo XII Pte Ltd
Competition Commission of India (CCI) has approved the acquisition of 71.25% shareholding of ASK
Investment Managers (ASKIM) Limited by BCP TopCo XII Private Limited (BCP TopCo), an affiliate of
funds advised or managed by the affiliates of the Blackstone Group Inc. BCP TopCo XII Pte Limited is
involved in investment holding and related activities.
ASKIM Limited is a leading asset and wealth management company, that caters to the high net worth
individual (HNI) and ultra HNI (UHNI) market in India.
CCI Approves FedEx India to Acquire a Minority Stake in Delhivery

Competition Commission of India (CCI) has approved the acquisition of a minority stake in Delhivery
Limited, India's largest B2B & C2C Logistics Courier Service Provider, by FedEx Express
Transportation and Supply Chain Services (India) Private Limited (FedEx India), logistics solutions in
India under the American transportation giant FedEx Corp.
 CCI has also approved the acquisition of certain operating assets to the domestic business of
FedEx India and TNT India Private Limited (TNT India) by Delhivery.
 CCI has approved the acquisition of stakes in French-based utility company SUEZ (S.A) by Veolia
Environnement S.A (Veolia), a French transnational company engaged in water management,
waste management and energy services.
CCI has also approved the acquisition of stake in New Suez by Meridiam, Global Infrastructure
Management(GIM), LLC, La Caisse des dépôts et consignations(CDC) and CNP Assurances.
2021 Acquisitions & Mergers – December

PNB to pick up 9.5% stake in ONDC Ltd
Punjab National Bank (PNB) will become the promoter of Open Network for Digital Commerce (ONDC)
limited by investing over 9 % (~9.5 %) stake in the company.ONDC is yet to be incorporated by the
Companies Act 2013. For the acquisition of less than 10 % shareholding, regulatory approval is not
required. PNB will have 9.5 % equity capital in the ONDC or INR 25 crore, whichever is lower.
LIC got Approval from RBI to hike stake up to 9.99% in IndusInd Bank
Life Insurance Corporation of India (LIC) has received approval from the RBI (Reserve Bank of India) to
increase its stake to 9.99 per cent in IndusInd Bank of the total issued and paid-up capital of the private
sector lender. The approval will be valid for 1 year i.e. up to December 8, 2022. At present, LIC holds a
4.95 percent stake in the IndusInd Bank.

Topic-Wise PDF
SMALLCAP World Fund Increased its Stake in IIFL Finance to 5.1863%
SMALLCAP World Fund, Inc., has increased its stake in IIFL Finance Limited, a leading finance &
investment services company in India from 4.2473% to 5.1863% through the open market.The
acquisition of about 35.61 lakh shares at Rs 300 apiece, translating into a deal value of Rs 106.85 crore
was made on 9th December 2021.
Fairfax Group, backed by Prem Watsa, an Indian-Canadian billionaire, has divested a 3.2% stake in IIFL
Finance for Rs 365 crore through an open market transaction.
CCI Approves Acquisition of Air India stake by Tata Sons

Competition Commission of India (CCI) approved acquisition of 100% shareholding in Air India Limited
(AI), Air India Express Limited and 50% shares in Air India SATS (AISATS) by Talace Private Limited
.Talace Private Limited is a wholly-acquired subsidiary of Tata Sons.
SBI acquires Minority Stake in JSW Cement for INR 100 crore via CCPS
State Bank of India (SBI) acquired a minority stake (less than 50 percent) in JSW Cement Limited for an
investment of INR 100 crore through Compulsory Convertible Preference Shares (CCPS). The SBI is
working as a strategic investor at JSW Cement and has invested in the company through CCPS. The
conversion of CCPS into common equity will link with the JSW Group to provide valuation determined
at the time initial public offering (IPO).
IOCL Acquires 4.93 Percent Stake in Indian Gas Exchange

Indian Oil Corporation Limited (IOCL) acquired a 4.93 percent equity share in Indian Gas Exchange
(IGX) Limited, the country’s first automated national level gas exchange. IGX is envisaged to play an
important role to facilitate achieving the government’s target of increasing the share of natural gas in
India’s energy basket from the current 6.5 per cent to 15 per cent by 2030.
CCI Approved Acquisition of 16.94% Stake in IRB Infrastructure by Bricklayers Investment

Competition Commission of India (CCI) has approved the acquisition of up to 16.94% equity share
capital of IRB Infrastructure Developers Limited (IRB) by Bricklayers Investment Private Limited,
controlled by GIC Investor under Section 31(1) of the Competition Act, 2002.
 This combination relates, GIC Investor’s proposed the acquisition of up to 16.94% of the share
capital of IRB on a fully diluted basis and non-fully diluted basis through subscription of new
shares issued by way of preferential issues on private placement.
 CCI has approved the acquisition of a controlling stake in Forbes Enviro Solutions Limited
(FESL), a subsidiary of Eureka Forbes Limited by Lunolux Limited(LL) under Section 31(1) of the
Competition Act, 2002.
HSBC Asset Management Acquired LTIM from L&T Finance Holdings

HSBC Asset Management (India), an indirect wholly-owned subsidiary of HSBC Holdings PLC has acquired
L&T Investment Management (LTIM), an investment manager of the L&T Mutual Fund (MF) from L&T
Finance Holdings Limited for USD 425 million, about Rs 3187 crore. HSBC Asset Management has entered
into an agreement with LTFH to fully acquire LTIM.

Topic-Wise PDF
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2021 Acquisitions & Mergers

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2021 Acquisitions & Mergers - January

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

SEBI Gives Approval to Future Group and Reliance Retail Deal

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2021 Acquisitions & Mergers - February

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

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

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

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CCI approves Stake Purchase by Panatone Finvest in TCL

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2021 Acquisitions & Mergers - March

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

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

PowerGrid acquired the Outstanding 74% stake in JPVL

Govt exited from TCL by selling its outstanding 26.12% stake

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

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Government Sells 15% stake in Rail Vikas Nigam Ltd

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

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

2021 Acquisitions & Mergers - April

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

HDFC acquires 10% stake in Kerala Infrastructure Fund Management Ltd

Axis Bank becomes Co-promoter of Max Life Insurance

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

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DCB Bank Acquired 9% Stake in Techfino Capital

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

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2021 Acquisitions & Mergers - May

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

Carlyle Sells 4% Stake in SBI Life

Imola Acquisition Corporation acquires Ingram Micro Inc.

CPP acquired additional 15% stake of Indinfravit

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

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CCI Approved IBM’s Restructuring Plan

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

Groww Acquired Indiabulls MF for Rs 175 crore

PCHFL Received CCI Approval To Acquire DHFL

Govt Sold its 58 million shares in the Axis Bank

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MRPL Acquired 100% Stake in ONGC Mangalore

LIC Hiked its Stake in Union Bank to over 5%

HDFC Ltd Sold 3.08 percent Stake of RInfra

CCI Approved Intra-group Reorganisation of Motherson Group