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2022 Acquisitions & Mergers

Table of Contents
2022 Acquisitions & Mergers - January ......................................................................................................................... 5
2022 Acquisitions & Mergers - February ...................................................................................................................... 6
2022 Acquisitions & Mergers - March ........................................................................................................................... 9
2022 Acquisitions & Mergers - April ........................................................................................................................... 11
2022 Acquisitions & Mergers - May ............................................................................................................................. 14
2022 Acquisitions & Mergers - June ............................................................................................................................ 16
2022 Acquisitions & Mergers - July ............................................................................................................................. 17
2022 Acquisitions & Mergers - August ........................................................................................................................ 20

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2022 Acquisitions & Mergers - January

CCI Approves Acquisition of 96.42% Stake in JPL By Worldone Private Limited
Acquisition b/w –Worldone Private Ltd & Jindal Power Limited(JPL).
✓ Competition Commission of India (CCI) has approved the acquisition of a 96.42% stake in Jindal
Power Limited(JPL), a subsidiary of Jindal Steel & Power Limited(JSPL), by Worldone Private
Limited.
✓ JSPL is a part of the OP Jindal Group that works in steel, power, mining and infrastructure
sectors.

Reliance New Energy Solar Acquires 100% Stake in Faradion

Acquisition b/w – Reliance New Energy Solar Limited (RNESL) & Faradion Ltd.
✓ RNESL, a wholly-owned subsidiary of Reliance Industries, has signed a definitive agreement to
acquire 100 percent shareholding in Faradion Ltd. through secondary transactions for a total
value of British Pound Sterling (GBP) 94.42 million based on an enterprise value of £100
million.

SBI to Acquire Around 10% stake in IICC

State Bank of India (SBI) is set to acquire around 10% stake in the India International Clearing
Corporation (IICC), the first international clearing corporation set up at GIFT-IFSC that acts as a central
counterparty providing clearing and settlement and risk management services.
✓ SBI is expected to complete up to a 9.95% stake subject to a maximum investment of Rs 34.03
crore, in IICC by March 2022.

Tech Mahindra acquires 100% stake in Allyis India & Green Investments LLC
Tech Mahindra announced that its subsidiary, Tech Mahindra (Americas) Inc. is set to acquire 100 %
equity shares in Allyis India Private Ltd and Green Investments LLC, a holding company for United
States (US) based Allyis Group. According to the proposal, Tech Mahindra will pay USD 125 million
(~INR 900 crore) including employment and performance earnout.

NTPC Limited to Acquire 5% Equity Stake in PXIL

NTPC Limited (formerly known as National Thermal Power Corporation Limited,) is set to acquire up to
5% of the equity stake in Power Exchange India Limited (PXIL). PXIL is India’s first institutionally
promoted power exchange, that provides electricity trading solutions and connects buyers as well as
sellers.
✓ This acquisition is in line with the intention of the government to increase the share of the spot
power market to 25% of the total electricity supply in India by 2023- 2024.

Reliance Retail Picked up a 25.8% Stake in Dunzo for USD 200 Million
Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Limited (RIL) has
purchased a 25.8% stake in Bengaluru-based startup Dunzo (Dunzo Digital Private Limited), an Indian
company, with an investment of USD 200 Million (~ Rs 1489 crore). Dunzo has raised USD 240 million
in a round of funding where the investment was led by RRVL.

GoI to hold 35.8% Stakes of Vodafone Idea in the form of Equity

India’s third largest network Vi or Vodafone Idea Limited (VIL) has approved the interest on spectrum
and Adjusted Gross Revenue (AGR) dues into government equity. VIL accepted a four-year moratorium
as well as accepted the equity conversion. Indian government will own almost 35.8% of VIL’s stake
followed by Vodafone Group which owns 28.5% and 17.8% by Aditya Birla Group.

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The net present value (NPV) of interest is expected to be about Rs 16,000 crore, final confirmation
made by the Department of Telecommunications (DoT).

RIL Picks 54% stake in robotics startup Addverb Technologies for $132 million
Reliance Retail Ventures Limited(RRVL), the retail unit of Reliance Industries Limited (RIL) has
acquired a 54% stake (majority stake) in Addverb Technologies Private Limited, a Noida based robotics
startup, for USD 132 million (~Rs 983 crore). With this investment, RIL has become a strategic partner
of Addverb Technologies.
✓ This is in line with RIL’s vision to automate its businesses.
✓ With this funding, Addverb technology plans to deploy robots across hospitals and airports.

Indian Energy Exchange divests 4.93% equity stake in IGX to IOC

Indian Energy Exchange (IEX) divested 4.93% of its equity stake in Indian Gas Exchange (IGX) to Indian
Oil Corporation (IOC). IGX is India’s first natural gas exchange that has been set up to promote gas
trading in the country. Its promoters are IEX and National Stock Exchange (NSE). GAIL (Gas Authority of
India Limited), ONGC (Oil and Natural Gas Corporation Limited), Torrent Gas Pvt Ltd and Adani Total
Gas Ltd are its strategic investors.The Central Government has set a target of accelerating the share of
gas in the energy sector to 15% by 2030.

CCI Approves Acquisition by GSKCHOL and GSKCHUKTL by GSKAPL

The Competition Commission of India has approved the acquisition of a shareholding in
GlaxoSmithKline Asia Private Limited (GSKAPL) by GlaxoSmithKline Consumer Healthcare Overseas
Limited (GSKCHOL) and GlaxoSmithKline Consumer Healthcare UK Trading Limited (GSKCHUKTL)
under Section 31(1) of the Competition Act, 2002.The proposed transaction involves the collective
acquisition of 100% shares in GSKAPL by GSKCHOL and GSKCHUKT.
✓ CCI has approved the acquisition of shares of Future Generali India Life Insurance Company
Limited (FGLIC) by Generali Participations Netherlands N.V (GPN), this acquisition will increase
its shareholding 49% to approximately 71%.

2022 Acquisitions & Mergers - February

NVVN Acquires 5 Percent Stake in Power Exchange of India
NTPC Vidyut Vyapar Nigam (NVVN) Limited, a wholly owned subsidiary of NTPC Limited has acquired a
5 percent equity stake in Power Exchange of India Limited (PXIL). NVVN has purchased these shares
from the National Stock Exchange (NSE) Investments Limited (NSE Investments), a co-promoter
shareholder of PXIL.

CCI approves Additional Equity Acquisition in Escorts Ltd by Kubota Corporation

The Competition Commission of India (CCI) approved the acquisition of certain additional equity shares
of Escorts Ltd by Kubota Corporation. The shares of Escorts Ltd will be acquired through preferential
allotment and a mandatory tender offer in compliance with the Securities and Exchange Board of India
(Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

ICICI Bank Raises Stake in IICC at GIFT IFSC City to 9.9 percent
ICICI Bank Limited has bought additional stake in India International Clearing Corporation (IICC) at
International Financial Services centre (IFSC) in Gujarat International Finance Tec-City (GIFT City),
Gujarat for Rs 4.43 crore, raising to 9.90 percent from the previous one 7.61 percent.
✓ Around 44,262,356 equity shares at Rs. 1 per share were allotted to ICICI Bank on 2nd February
2022 for a cash consideration of Rs 44.3 million (Rs 4.43 crore).

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CCI Approves Acquisition of athenahealth Group Inc by Funds Managed and Advised by H&F,
Bain Capital, & GICSI
The Competition Commission of India (CCI), has approved the acquisition of athenahealth Group, Inc.,
by the funds managed and advised by Hellman & Friedman LLC (H&F), Bain Capital Investors LLC
(Bain), and GIC Special Investments Pte. Ltd(GICSI), and Minerva Holdco, Inc. athenahealth Group, Inc.,
is a cloud-based provider of the medical record, revenue cycle, patient engagement, care coordination,
and population health services, as well as point-of-care mobile applications, headquartered in
Massachusetts, United States of America(USA),
✓ The proposed combination is an acquisition of control, shares, voting rights under Section 5(a) of
the Competition Act.

RNEL Buys Additional 10.37% Stake in Sterling & Wilson Renewable

Reliance New Energy Limited (RNEL), a subsidiary of Reliance Industries (erstwhile Reliance New
Energy Solar Limited), has acquired an additional 10.37% stake in Sterling & Wilson Renewable
Energy Limited (SWREL), formerly known as Sterling & Wilson Solar Limited for Rs.738 crore from its
promoters.
✓ The promoters include Shapoorji Pallonji and Company Private Limited (1.53 crore equity shares
of SWREL) and Khurshed Daruvala (42.86 lakh equity shares of SWREL).
After the acquisition, RNEL holds 40.00% of the total paid-up equity share capital of SWREL which is an
aggregate of 19667750 equity shares of face value of INR 1 each.

BoB to Acquire 21% Stake in IndiaFirst Life Insurance from Union Bank of India
Bank of Baroda(BoB) is set to acquire a 21% stake in IndiaFirst Life Insurance Company Limited
(IndiaFirst Life / IFLIC) from Union Bank of India(UBI). The acquisition is pursuant to a ‘Right of First
Offer (ROFO)’ made by UBI to the existing shareholders of IndiaFirst Life, to divest 21% of its stake in
IndiaFirst Life.At present, IFIC’s shareholders are BoB holds 44%, Carmel Point Investments India holds
26% and Union Bank holds 30%.

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CCI Approves the Acquisition of Sajjan India Ltd by Sona Company:

✓ Competition Commission of India (CCI) under Section 31(1) of the Competition Act, 2002 has
approved the acquisition of a certain stake in Sajjan India Limited by Sona Company Private
Limited, a portfolio company under CVC Capital Partners. Sona Company is an investment
company, incorporated under the laws of Singapore.

Aditya Birla Group Invested in Upcoming Digital bank Zand in UAE

The Aditya Birla Group has invested an undisclosed amount in Zand, an upcoming digital bank in the
United Arab Emirates (UAE). Following the launch, Zand will be the first digital bank to provide both
retail and corporate services. The interests of the Aditya Birla group include running a non-bank
finance company and asset management firm.

SBI, BoB, PNB, UBI, BoM and Canara Bank Pick Up Stake in IDRCL
State Bank of India (SBI), Bank of Baroda (BoB), Punjab National Bank (PNB), Union Bank of India
(UBI), Canara Bank, and Bank of Maharashtra (BoM), has announced the subscription to the shares of
India Debt Resolution Company Ltd (IDRCL).
✓ IDRCL is a service company or an operational entity, which will manage assets and loop in-
market professionals and turnaround experts.

ICICI Bank buys 9.49% stake in VFSPL for INR 19.9 Cr

ICICI Bank signed an agreement with Verve Financial Services (VFSPL) for the acquisition of 9.49%
stake for a cash investment of INR 19.99 crore in the equity shares of VFSPL. VFSPL operates
‘Indiafilings’ platform, it provides various services like incorporation, trademark, tax filings,
compliance, payroll management and other business services to MSMEs, corporates and entrepreneurs.
✓ For the acquisition of shareholding below 10%, the regulatory approval is not required under
Companies Act 1956.

LIC Increased its Stake in CGCL From 4.959% to 5.044%

Life Insurance Corporation of India (LIC) has acquired 0.085% additional stakes of Capri Global Capital
Ltd (CGCL) through market purchase and increased its stake in CGCL from 4.959% to 5.044%. CGCL is a
Non-Banking Financial Company (NBFC) listed on the Bombay Stock Exchange (BSE) and National
Stock Exchange (NSE).

CCI Approves Acquisition of Stakes in ISMT by Kirloskar Ferrous Industries Ltd

Competition Commission of India (CCI) has approved the acquisition of stakes in ISMT Limited by
Kirloskar Ferrous Industries Limited, a flagship company of Kirloskar Group. The Proposed
Combination is notifiable under Section 5(a) of the Competition Act, 2002. Kirloskar Ferrous Industries
seeks to acquire up to 51.25% of the EmergingVoting Capital of the ISMT and will acquire up to 76.3%
of the Emerging Voting Capital of the ISMT.

Bharti Airtel Signed an Agreement with Vodafone to Buy 4.7% Stake in Indus Towers
Bharti Airtel Limited, also known as Airtel, has signed an agreement with Vodafone to purchase 4.7%
equity interest in Indus Towers. The agreement has been signed on the condition that the amount paid
shall be inducted by Vodafone as fresh equity in Vodafone Idea Ltd (VIL) and simultaneously remitted
to Indus Towers to clear VIL’s outstanding dues.

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2022 Acquisitions & Mergers - March

CCI Approves Acquisition of Prione Business Services by Amazon Asia-Pacific Resources
Private Limited
Competition Commission of India (CCI) approved the proposal of Amazon Asia-Pacific Resources
Private Limited (AAPRPL), an indirect wholly-owned subsidiary of Amazon.com, Inc., to acquire Prione
Business Services Private Limited (PBSPL or Prione), which runs Cloudtail, one of the largest online
marketplaces in India.
✓ CCI has approved the acquisition of 100% share capital of (Larsen & Toubro) L&T Investment
Management Limited (L&T AMC) by HSBC Asset Management (India) Private Limited (HSBC
AMC).

UCO Bank becomes a stakeholder of IDRCL

UCO Bank became one of the stakeholders of India Debt Resolution Company Limited (IDRCL) by
acquiring 3% of stake.According to the bank, its holding of 3% in IDRCL amounts to Rs.1.50 crores,
requires no approval and the agreement is in accordance with Regulation 30 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015.
✓ The headquarters of UCO Bank is Kolkata, West Bengal.

ICICI Bank to Acquire 5% Stake in NARCL

ICICI Bank is set to acquire a 5% stake in National Asset Reconstruction Company Limited(NARCL) for a
total cash consideration of up to Rs 137.5 crore in tranches. The equity investment will be in tranches
with the 1st tranche of equity investment of Rs 70.45 crore. This is expected to be completed by 31st
March 2022.
✓ NARCL or bad bank is an asset reconstruction company, which was incorporated on July 7, 2021.

CCI approves acquisition of Micro Life Sciences Private Limited & Future Generali India
Insurance Company Limited
Competition Commission of India (CCI) approves
✓ Acquisition of equity stake in FGIIC by Generali Participations Netherlands N.V.Under this, there
will be acquisition of shares of FGIIC by GPN. GPN proposes to acquire approx. 25% of the equity
share capital of FGIIC held by Future Enterprises Limited, pursuant to which GPN’s aggregate
(direct and indirect) shareholding in FGIIC will be increased from 49% to approx. 74%.
✓ CCI also approves acquisition of Micro Life Sciences Private Limited by South Elm Investments
(SEI) B.V.Target-Micro Life Sciences Private Limited (Micro Life); Acquirer-South Elm
Investments B.V. (SEI).

Torrent Power Signs Agreement to Acquire 51% Stake in Power Distribution Utility of Dadra &
Nagar Haveli, Daman & Diu
Torrent Power Limited signed a Share Purchase Agreement (SPA) and Share Holders Agreement (SHA)
with Administrator of the Union Territory of Dadra and Nagar Haveli and Daman and Diu (Holding
Entity) and Dadra and Nagar Haveli and special purpose vehicle (SPV) Daman and Diu Power
Distribution Corporation Ltd to acquire 51 % equity of Dadra and Nagar Haveli and Daman and Diu
Power Distribution Corporation Ltd.

Mahindra & Mahindra hikes stake in Carnot Technologies to 52.69%

Mahindra & Mahindra Limited (M&M) is set to increase its stake in Carnot Technologies Private Limited
(Carnot) to 52.69% with an investment of around Rs 14 crore. At present M&M holds 15.60% of equity

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share capital of Carnot, which provides products and services related to internet connected devices for
monitoring performance of vehicles.
✓ M&M will make a primary infusion of Rs 2.5 crore for subscription of 1,613 Series C CCCPS
(cumulative compulsorily convertible preference shares) of Carnot of Rs 100 each at a premium
of Rs 15,391.65 per CCCPS.

ICICI Bank, Punjab & Sind to pick up stakes in bad bank NARCL
ICICI Bank and Punjab & Sind Bank have signed agreements to pick up stakes in National Asset
Reconstruction Company Limited (NARCL).ICICI Bank will be investing Rs.137.5 crore to acquire a 5%
stake,and Punjab & Sind Bank will put in Rs 55 crore for a 2% stake.

SBI Invests Rs 10 Crore to Pick Up 7.84% Stake in ONDC

State Bank of India (SBI) has invested Rs.10 crores to pick up 7.84% stake in Open Network for Digital
Commerce (ONDC), an open-source e-commerce platform engaged in creating an open public digital
infrastructure. The transaction does not require any regulatory approval as the acquisition of
shareholding was below 10%.
SBI is the 2nd public sector bank to buy the stake in ONDC, after Punjab National Bank(PNB).

Flipkart’s PhonePe Acquired 100 percent stake in GigIndia

PhonePe, a digital payment company backed by Flipkart announced the acquisition of 100 % stake in
GigIndia, which is a network for freelance micro-entrepreneurs to strengthen its offerings to corporate
and enterprise partners. Under the acquisition, PhonePe will get the leverage of GigIndia’s network of
1.5 million freelance micro-entrepreneurs to help corporates and promote development.

CCI approves Acquisition of Shareholding of Busybees Logistics Solutions Pvt Ltd by BXG Xenon
HoldCo Ltd & TPG SF
Competition Commission of India (CCI) has approved the below acquisitions: -
✓ Acquisition of Xpressbees by BXG Xenon HoldCo Ltd :- The acquisition of certain equity
shareholding on a fully diluted basis in BusyBees Logistics Solutions Private Limited (Target) by BXG
Xenon HoldCo Ltd (Acquirer).BXG Xenon HoldCo Limited is controlled by funds advised and /or
managed by affiliates of Blackstone Inc., headquartered in the United States (US).
✓ Acquisition of Xpressbees by TPG SF:
CCI has also approved the acquisition proposed by TPG Growth V SF Markets Pte Ltd (TPG SF) to acquire
around 7% shareholding (on a fully diluted basis) of Xpressbees.

RBI Gives Approval to SBI Group of Entities to Pick Up to 9.99% stake in ICICI Bank for 1 Year
The Reserve Bank of India (RBI) approved State Bank of India Mutual Fund Limited (SBIFML), along
with other SBI group companies, to acquire up to 9.99% equity capital in the ICICI Bank.
✓ It is valid for a period of one year that is up to 22 March, 2023 and it is subject to compliance
with the provisions of Banking Regulation Act 1949.
In 2021, RBI established an Internal Working Group (IWG) to review ownership guidelines and
corporate structure for Indian private sector banks.

Bank of India invests Rs 108.81 crore in NARCL

The Bank of India(BoI) has invested around Rs 108.81 crore in National Asset Reconstruction Company
Limited(NARCL), under the preferential share issue. Following this, BoI’s shareholding in NARCL is set
to become 9% as of 21st March 2022. NARCL is an asset reconstruction company backed by the
government, Incorporated in July 2021.

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ICICI & HDFC Bank to Acquire up to 15% Stake in IDRCL

ICICI Bank Ltd (ICICI Bank) & HDFC Bank signed an investment agreement for a 15% stake in India
Debt Resolution Company Ltd (IDRCL). The IDRCL was established to manage stressed assets in India.
The investment would consist of a total cash consideration of upto Rs.7.5 crore from each ICICI Bank &
HDFC Bank.

Central Govt to sell 1.5% Stake in ONGC to raise Rs.3,000cr

Central Government is selling its 1.5% stake in Oil and Natural Gas Corporation (ONGC) through an
Offer for Sale (OFS) to raise worth Rs 3,000 crore. It is being sold at a 7% discounted floor price of Rs
159/share. The 1.5% equity stake sale also includes a 0.75% greenshoe option.
✓ The OFS is open on March 30-31, 2022.
✓ The Central Government owns a 60.41% stake in ONGC.

IDBI Bank to Sell 25% Stake in Ageas Federal Life Insurance Company
Industrial Development Bank of India (IDBI Bank) announced to offload its 25% stake in Ageas Federal
Life Insurance Company (AFLI) to Ageas Insurance International NV.The board of directors of the IDBI
Bank approved to sell its 200 million equity shares in AFLI to Ageas pursuant to exercise of Call Option
by Ageas.

2022 Acquisitions & Mergers - April

UBI sells 21% stake in IFLIC to BoB for Rs. 766 Crore
Union Bank of India (UBI) has sold 21% stake in IndiaFirst Life Insurance Company Limited (IFLIC), to
Bank of Baroda (BoB) for Rs. 766.29 crore. IFLIC is a joint venture (JV) between BoB, UBI and Carmel
Point Investments India Private Limited. UBI owned a 30% stake in IFLIC as a result of its acquisition of
Andhra Bank.
✓ The divestment is made in line with the insurance regulator Insurance Regulatory and
Development Authority of India’s (IRDAI) directive to bring down UBI’s stake in IFLIC to below
10%.
UBI MD & CEO: Rajkiran Rai G.; UBI Headquarters: Mumbai, Maharashtra.

HDFC Ltd to merge with HDFC Bank by FY24

Board of Directors of the Housing Development Finance Corporation (HDFC) Limited has approved the
following amalgamations.
Entities to be merged:
✓ HDFC Investments Limited and HDFC Holdings Limited with HDFC Ltd
✓ HDFC Ltd with HDFC Bank
Subsequently, HDFC will merge with its banking arm, resulting in all the group companies becoming
direct subsidiaries of HDFC Bank.
✓ HDFC Headquarters- Mumbai, Maharashtra

Axis Bank to Acquire CitiBank’s India Consumer Business for USD 1.6 bn
Agreement b/w: Citibank & Axis Bank
Purpose: Citibank to sell its entire consumer bank business including credit cards, savings accounts,
retail consumer accounts, consumer loans and wealth management for USD 1.6 billion (Rs 12,235
crore).
✓ The deal excludes Citibank’s institutional client businesses in India.
✓ This is one of the biggest deals in the banking space since the acquisition of ING Vysya Bank by Kotak
Mahindra Bank in 2014 for Rs 15,000 crore.

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✓ Axis Bank MD & CEO: Amitabh Chaudhry; Headquarters: Mumbai, Maharashtra

Click here to read the full info

Canara Bank, SBI, PNB & Union Bank Reduced their Stake in IDRCL to 5%
State Bank of India(SBI), Canara Bank, Punjab National Bank(PNB) and Union Bank of India (Union
Bank), four Public Sector Banks of India have reduced their stake in India Debt Resolution Company Ltd
(IDRCL) to 5% each.
✓ Public sector banks will hold 51 per cent stake in National Asset Reconstruction Company Ltd
(NARCL) and 49 per cent in the debt management company IDRCL.

CCI approves Acquisition of Certain Compulsorily Convertible Preference Shares of HFL by

AHVF II Holdings Singapore II Pte. Ltd
The Competition Commission of India (CCI) approved the acquisition of certain compulsorily
convertible preference shares of Hero FinCorp Limited (HFL) by AHVF ll Holdings Singapore ll Pte. Ltd.
✓ The approval was given under section 31(1) of the Competition Act 2002.
✓ Target – Hero FinCorp Limited
✓ Acquirer – AHVF II Holdings Singapore II Pte. Ltd.
✓ CCI Chairperson – Ashok Kumar Gupta; Headquarters – New Delhi, Delhi

Tesla CEO Elon Musk Acquires 9.2% Stake in Twitter

Elon Musk, Chief Executive Officer (CEO) of Tesla Inc., has purchased a 9.2% stake in Twitter Inc.
✓ This is based on the United States’ Securities and Exchange Commission (SEC) Schedule,
13G filing.
This purchase has made Elon Musk the largest shareholder of Twitter, with more than four times the
2.25% holding of Twitter founder Jack Dorsey.

UBI to Sell its 8% stake in ISARC to Dhansamridhi Finance

The Union Bank of India (UBI) signed an agreement for the sale of its 8% stake in India SME Asset
Reconstruction Company (ISARC) to benefit Dhansamridhi Finance.
✓ ISARC is the country’s first ARC (Asset Reconstruction Company) which is supported by a large
number of public sector banks and undertakings. It mainly focuses on Non-Performing Assets (NPA)
resolution of the MSME sector in India.
It was established in 2008 and currently sponsored by SIDBI (Small Industries Development Bank of
India), Bank of Baroda, Punjab National Bank, and SIDBI Venture Capital Ltd.

Bandhan-Led Group to Purchase IDFC MF for Rs. 4,500 Crores; HDFC Sells A 3% Stake in
Bandhan Bank
A Bandhan Financial Holdings Limited (BFHL)-led consortium has won the bid to buy and
acquire IDFC Asset Management Company (AMC) and IDFC AMC Trustee Company for Rs 4,500 crore.
The consortium comprises BFHL, Lathe Investment (an affiliate of Singapore’s sovereign fund GIC),
Tangerine Investments, and Infinity Partners (affiliates of ChrysCapital).
✓ BFHL will own 60% of the AMC, while Singapore’s sovereign fund GIC and ChrysCapital will each own
20%.
✓ In a bulk deal, HDFC Ltd sold 4.96 crore shares in Bandhan Bank (for a total of 49,632,349 equity
shares), for a sum of almost Rs. 1,522 crores.
Bandhan Bank: MD & CEO – Chandra Shekhar Ghosh; Headquarter – Kolkata,West Bengal.
Click here to read full information

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Bank of Maharashtra to Divest 4% Stake in ISARC

Bank of Maharashtra (BoM) has announced that it will divest its entire stake of 4% in India SME Asset
Reconstruction Company (ISARC) for a cash consideration of Rs 3.92 crore. The agreement was
executed on 6th April 2022. The transaction is expected to close by December 2022-end.
✓ ISARC is India’s first Asset Reconstruction Company (ARC), supported by a number of public sector
banks and undertakings, focussed on NPA resolution of the MSME sector.

UBI to Buy out 75% Stake Jointly held by BoB & IOB in IIBM
Union Bank of India (UBI) is set to buy out 75% stake held jointly by Bank of Baroda (BoB) – 40% and
Indian Overseas Bank (IOB) – 35%, in India International Bank (Malaysia) Berhad (IIBM). Following this,
the IIBM will become a 100% UBI unit.
✓ UBI: MD & CEO– Rajkiran Rai G; Headquarters– Mumbai, Maharashtra.

Fino Payments Bank to buy 12.19% stake in Paysprint Pvt Ltd

The board of Fino Payments Bank has approved a minority strategic investment for up to a 12.19%
stake in Paysprint Pvt Ltd (Paysprint), a New Delhi based fintech company.
This is the first strategic investment for Fino Payment Bank after its public listing

HDFC Ltd Inks Pact to Sell 10% Share Capital of HDFC Capital to Abu Dhabi Investment
Authority
Pact b/w: Housing Development Finance Corporation Limited (HDFC Ltd) & Abu Dhabi Investment
Authority (ADIA).
Purpose: to sell 10% of the share capital of HDFC Capital Advisors Ltd (HDFC Capital) to a wholly-
owned subsidiary of ADIA for around Rs 184 crore.
✓ HDFC Capital is a wholly-owned subsidiary of HDFC Limited.
✓ ADIA is also the primary investor in the alternative investment funds managed by HDFC Capital.
HDFC Ltd Headquarters– Mumbai, Maharashtra.

Elon Musk Acquires Twitter for Approx USD 44 Billion

Tesla co-founder and World’s richest person (as of April 26, 2022) Elon Musk has acquired social
networking service Twitter Inc. for approximately USD 44 billion with shares valued at USD 54.20. Now
the company will be held privately. The all-cash deal for the same is expected to be completed later this
year.
✓ Twitter: It was created by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams in March 2006, and
was launched in July 2006.
✓ The Current Twitter CEO is Parag Agrawal.

Bharti Airtel Acquired 7% stake in Cnergee Technologies under Airtel Startup Accelerator
Program
Bharti Airtel acquired a 7% stake in Navi Mumbai based Cnergee Technologies, a cloud-based
networking solution, under the Airtel Startup Accelerator Program.
✓ This acquisition is a part of Bharti Airtel’s Network as a Service (NaaS) proposition for small and
medium businesses (SMBs) looking to shift to cloud-based solutions.
Cnergee Technologies has developed a range of 5G ready NaaS software tools.

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2022 Acquisitions & Mergers - May

Star9 Mobility Private Limited to buy 51% of GoI share in PHL
The Alternative Mechanism, empowered by the Cabinet Committee on Economic Affairs (CCEA) has
approved the highest bid of Star9 Mobility Private Limited, quoting Rs 211.14 crore, for the sale of
the entire shareholding of the Government of India (GoI) – 51% of Shareholding, of Pawan Hans
Limited (PHL) and transfer of management control.
✓ This is the 2nd major privatisation in aviation after Air India and AI Express were taken over by
the Tata.
✓ Star9 Mobility Private Limited, a consortium of Big Charter Private Limited, Maharaja Aviation
Private Limited and Almas Global Opportunity Fund SPC.
PHL is South Asia’s largest Helicopter Company.

Mindtree and L&T Infotech to Amalgamate to form ‘LTIMindtree’

The Boards of Directors of Larsen & Toubro Infotech (LTI) and Mindtree approved the amalgamation of
both these independently listed IT (Information Technology) services companies under the Larsen &
Toubro (L&T) Group.
✓ The newly formed entity will be called ‘LTIMindtree’, and will be led by Debashis Chatterjee,
Current Chief Executive Officer (CEO) and Managing Director (MD) of Mindtree.
After merger, LTI promoters will have a 43.9% while Mindtree promoters will have a 24.8% stake in the
combined entity, while L&T Limited will hold 68.73 % of LTI

Adani Group Set to Buy Ambuja Cements, ACC for $10.5 bn from Holcim Ltd
Adani Group which belongs to Gautam Adani is set to acquire swiss multinational company Holcim’s
stake in Indian companies Ambuja Cements and its subsidiary ACC for $10.5 bn (around Rs 81,361
crore), including the open offers
✓ Holcim, through its subsidiaries, holds 63.19 per cent in Ambuja Cements and 54.53 per cent in
ACC (of which 50.05 per cent is held through Ambuja Cements).

UAE based ‘Etisalat and’ buys 9.8% stake in Vodafone USD 4.4 billion
‘e&’ (Etisalat and), formerly known as Emirates Telecommunications Group Company PJSC
(Etisalat Group), a United Arab Emirates (UAE)-based telecoms firm, has acquired a 9.8% stake in
Vodafone Group Plc (Vodafone) for USD 4.4 billion.
‘e&’: CEO– Hatem Dowidar; HQ– Abu Dhabi, United Arab Emirates (UAE).

CCI Approved Acquisitions of Equity in Magma HDI by Sanoti Properties & by Serum Institute
Life Sciences in Biocon Biologics
The Competition Commission of India, Government of India has approved the acquisition/merger of
two proposed deals –
✓ Acquiring Majority Stake in Magma HDI General Insurance by Sanoti Properties LLP.
Merger of Cloudshield Technologies Private Limited with Biocon Biologics by Serum Institute of Life
Sciences.

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IDBI Bank Divests its Entire 19.18% Stake in ARCIL

IDBI Bank has divested its entire holdings of 6,23,23,800 fully paid-up equity shares constituting
19.18% of the total equity share capital of Asset Reconstruction Company (India) Limited (ARCIL) to
Avenue India Resurgence Pte. Ltd.

PhonePe to acquire WealthDesk, OpenQ for USD 75 million

PhonePe, owned by Walmart Inc-controlled Flipkart group, is set to acquire 2 investment technology
platforms, WealthDesk (Wealth Technology & Services Private Limited) and OpenQ (Quantech Capital
Investment Advisors Private Limited) for a total enterprise value of USD 75 million.
✓ PhonePe will acquire WealthDesk for USD 50 million and acquire OpenQ at USD 25 million. Both
the acquisition deals will be a mix of cash and stock.
In December 2021, PhonePe has applied for a mutual fund license with the Securities and Exchange
Board of India (SEBI).

GIC Buys 7.5% Stake in Aditya Birla Fashion and Retail for Rs 2,195 Crore
GIC Private Limited, Singapore’s sovereign wealth fund, is acquiring a 7.5% equity stake in Aditya Birla
Fashion and Retail (ABFRL) for Rs 2,195 crore.
✓ GIC will invest Rs.770 crore at first stage, while the remaining cost of Rs.1,425 crore would be
done within 18 months. After the investment, Aditya Birla Group will hold a controlling stake of
51.9% in the company.
GIC Private Limited acts as the Singapore Government’s fund manager and was established by the
Government of Singapore in 1981 to manage Singapore’s foreign reserves.

CIL to divest 25% stake in BCCL; plans subsequent listing

Coal India Ltd (CIL), under the Ministry of Coal (MoC), is set to divest the 25% paid-up share principle
of its unlisted subsidiary, Bharat Coking Coal Ltd (BCCL) and its subsequent listing on stock exchanges
after getting further clearances.
✓ BCCL was incorporated in January 1972 to operate coking coal mines in Jharia and Raniganj
Coalfields.
The government of India took over BCCL on 16th October 1971.
✓ Chairman cum Managing Director (CMD)– Samiran Dutta; HQ– Dhanbad, Jharkhand.
CIL: CMD– Pramod Agrawal; Established in 1975; HQ– Kolkata, West Bengal

Adani Buys 50% Stake in Drone Startup General Aeronautics

Adani Defence Systems and Technologies Ltd, a wholly owned subsidiary of Adani Enterprises Limited
(AEL) signed a definitive agreement to acquire 50% stake in Bengaluru (Karnataka)-based startup
General Aeronautics Private Ltd. The acquisition is expected to be completed by July 31, 2022.
✓ Adani Defence Systems and Technologies will utilize its military drone and AI-Artificial
Intelligence/ML-Machine Learning capabilities and work with General Aeronautics for providing
end-to-end solutions for domestic agricultural sector.
General Aeronautics provides robotic drones and drone-based solutions for crop protection services,
crop health, precision farming & yield monitoring using artificial intelligence & analytics for the
agricultural sector.

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2022 Acquisitions & Mergers - June

CCI Approves Acquisition of Shareholding in Hitachi Construction Machinery Co., Ltd.
The Competition Commission of India (CCI) approves acquisition of shareholding in Hitachi
Construction Machinery Co., Ltd. by HCJI Holdings G.K., Citrus Investments, HCJ Holdings 2 G.K., Japan
Industrial V – GP K.K., and other investors.
✓ Citrus Investments LLC (“Citrus”), a wholly owned subsidiary of ITOCHU Corporation (“Itochu”),
HCJ Holdings 2 G.K. (“HCJ Holdings/HCJ HD2”), Japan Industrial – GP, Manalsu, Primrose GP,
Shepherds Hill Partners III Ltd., and Sonora Partners III Ltd. through HCJI Holdings G.K. (“HCJI”).
✓ HCM is listed on the Tokyo Stock Exchange. Its major shareholder and controlling parent company
is Hitachi (holding 51.5 % of the shares in HCM).

NCLT approves Amalgamation of two Panasonic India entities – Panasonic India & Panasonic
Life Solutions India
On 19th May 2022, the Chandigarh bench of the National Company Law Tribunal (NCLT) approved the
amalgamation of two Panasonic India entities Panasonic India Private Limited, with Panasonic Life
Solutions India.
✓ The income tax department has raised objections to the merger over the chances of the anti-abuse
provisions of the General Anti-Avoidance Rule (GAAR) arising in the future.
✓ Panasonic, the Japan-based tech brand approached the NCLT for the merger of loss-making
Panasonic India with the profit-making Panasonic Life Solutions India solely aims at tax avoidance.
The bench also added that the tax department could use the GAAR in the future

ADIA to Invest Rs 2200 Crore in IIFL Home Finance for 20% Stake
A wholly-owned arm of Abu Dhabi Investment Authority (ADIA) is set to invest Rs 2200 crore in IIFL
Home Finance Limited for 20% of its stake. This will be one of the largest equity investments in the
affordable housing finance segment in India by a financial investor.
✓ ADIA is a globally-diversified investment institution that invests funds on behalf of the
Government of Abu Dhabi.
✓ IIFL Home Finance Limited (Established in 2006) is a wholly-owned subsidiary of IIFL Finance
Limited (formerly known as IIFL Holdings Limited).
✓ ADIA: MD– H.H. Sheikh Hamed bin Zayed Al Nahyan; Established in 1976; HQ– Abu Dhabi, UAE.

Tencent Acquires A USD 264 Million Stake in Flipkart from Binny Bansal
Tencent, a Chinese technology conglomerate, has bought a stake in Walmart-owned Flipkart from its
co-founder Binny Bansal for USD 264 million (about Rs 2,060 crore) through its European subsidiary
Tencent Cloud Europe BV.
After selling a part of his stake to Tencent Cloud Europe BV, Binny Bansal now owns around 1.84 % of
Flipkart.
✓ Following the transaction, Tencent Cloud Europe BV now owns 0.72 % of Flipkart, which is worth
around USD 264 million.
Though Tencent has invested in a number of enterprises in India, the Indian government has banned
various gaming apps, including PUBG Mobile and PUBG Mobile Lite, which were developed by Tencent
Group

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CCI Clears BC Asia-IIFLWM, Viatris-Biocon Biologics Deals, Acquisition of GSK Restructuring

On 14th June 2022, the Competition Commission of India (CCI) approved the following proposed
transactions:
i. Acquisition of 24.98% shareholding of IIFL Wealth Management (IIFLWM) Limited by BC Asia
Investments X Limited (BC Asaia)
ii. Sale of global biosimilars portfolio of Viatris Inc. to Biocon Biologics Limited (Biocon Biologics) and
equity infusion in Biocon Biologics by Biocon and Serum Institute Life Sciences Private Limited.
iii. Acquisition of Corporate restructuring of GlaxoSmithKline (GSK) Consumer Healthcare Holdings
Limited (JVCO).
✓ Under Section 31(1) of the Competition Act, 2002, the CCI has approved the acquisition of the
corporate restructuring of GlaxoSmithKline Consumer Healthcare Holdings Limited (JVCO).
iv. Approved the acquisition of the entire equity share capital of AirAsia (India) Private Limited (Air
Asia India) by Air India Ltd. (AIL), a wholly-owned subsidiary(indirect) of Tata Sons Private Limited
(TSPL). At present, TSPL hold 83.67% of the equity share capital of Air Asia India.
✓ CCI: Chairperson– Ashok Kumar Gupta; HQ– New Delhi, Delhi. Click here to read more.

DBS Bank India Acquires 9.9% Stake in NBFC Svakarma Finance

DBS Bank India Limited (DBIL) has acquired a 9.9 percent stake in Svakarma Finance, a Non-
Banking Finance Company (NBFC), to deliver financial solutions to micro enterprises through a
combination of direct lending and co-lending.
✓ Svakarma is a non-deposit-taking NBFC, set up by former bankers to target micro-enterprises
using an industry segment and cluster-focused delivery model.
✓ DBIL was among the 1st foreign banks in India to start operating as a wholly owned, locally
incorporated subsidiary. In 2020, DBIL had taken over domestic private sector lender Lakshmi
Vilas Bank (LVB).
DBIL: MD & CEO - Surojit Shome; Establishment – 1994; HQ – Mumbai, Maharashtra

SBI, HDFC Bank, ICICI Bank Acquire 9.54% Stakes each in Perfios AA
On 28 June 2022, The State Bank of India (SBI), HDFC Bank and ICICI Bank acquired a 9.54% stake each
in Perfios Account Aggregation Services Private Limited (Perfios AA).
✓ Perfios AA, is a Bengaluru-based Reserve Bank of India (RBI)-registered Non-Banking Financial
Company (NBFC)-Account Aggregator.
✓ The three banks acquired 8,05,520 equity shares each by paying Rs 4.03 crore each for the stakes.
The investments will be subject to the approval of the Reserve Bank of India (RBI).
Perfios AA: CEO-Srikanth Rajagopalan; HQ- Bengaluru, Karnataka.

2022 Acquisitions & Mergers - July

CCI Approves Agreement Between Google International LLC & Bharti Airtel Ltd
The Competition Commission of India (CCI) approved the acquisition of a minority and non-
controlling stake of 1.28% in Bharti Airtel Limited (BAL) by Google International LLC (Limited Liability
Company).
✓ Acquirer: Google International LLC. Target: Bharti Airtel Limited (BAL).
✓ The proposed transaction constitutes a combination under Section 5(A) of the Competition Act,
2002.
✓ Google International LLC (Limited Liability Company) is a wholly-owned subsidiary of Google LLC,
which is a Delaware limited liability company and wholly owned subsidiary of Alphabet Inc.
CCI: Chairperson- Ashok Kumar Gupta; Founded- 2003; HQ- New Delhi.

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Strategic Disinvestment of NINL completed; Tata Steel takes Majority Shares

On 4 July 2022, the Ministry of Finance (MoF) announced the completion of strategic disinvestment
transaction for Neelachal Ispat Nigam Limited (NINL) with the transfer of 93.71% shares of the joint
venture partners to the strategic buyer Tata Steel Long Products Limited (TSLP), a subsidiary of Tata
Steel Limited (Tata Steel).
✓ Tata Steel Long India Limited paid the Enterprise Value (EV) of Rs.12,100 Crores.
✓ the Sales and Purchase Agreement (SPA) was signed in accordance with the process being run
by Department of Disinvestment & Public Asset Management (DIPAM).
NINL: Chairman– J. Ravi Shanker; Located – Jajpur, Odisha.

CCI Approves Acquisition of Citrix Systems, Inc. by Vista & Elliot

The Competition Commission of India (CCI) approved the acquisition of Citrix Systems,
Inc. (Citrix) by Vista Equity Partners Management, LLC (Vista) and Elliott Investment Management
L.P. (Elliott).
✓ The proposed combination relates to the acquisition of Citrix by funds managed by Vista, and
funds and investment vehicles managed by Elliot.
✓ The proposed combination will be implemented pursuant to an Agreement and a Plan of Merger
entered into and among Citrix, Picard Parent, Picard Merger Sub, Inc. (a wholly-owned subsidiary
of Picard Parent) and TIBCO Software Inc. (TIBCO).
✓ CCI: Chairperson-Ashok Kumar Gupta; Founded- 2003; HQ- New Delhi, Delhi

Piramal Enterprises gets shareholders nod to demerge pharma business

Ajay Piramal-owned Piramal Enterprises Limited (PEL) has received shareholder’s approval to
demerge its pharmaceuticals business, Piramal Pharma Limited (PPL) and simplify the corporate
structure.
The demerger will divide the company into Two Entities: financial services and pharmaceuticals. The
demerger follows the group’s acquisition of Dewan Housing Finance Corporation Limited (DHFL) for Rs
34,250 crore, which was completed in September 2021.

CCI approves acquisition of Solenergi Power Private by Shell Overseas Investments B.V from
Actis Solenergi Ltd
The Competition Commission of India (CCI) approved the acquisition of Solenergi Power Private
Limited by Shell Overseas Investments B.V. from Actis Solenergi Limited under Section 31(1) of the
Competition Act, 2002.
✓ Under the acquisition contract, Shell Overseas Investments B.V. will acquire 100% shareholding
and sole control of the Solenergi Power Private Limited.
The CCI also approved acquisition of equity in 10 road infrastructure projects by Shrem
InvIT from Dilip Buildcon Limited (DBL) and its associates under Section 31(1) of the Competition
Act, 2002.
CCI: Chairperson-Ashok Kumar Gupta; Founded- 2003; HQ- New Delhi, Delhi.

Infosys to acquire BASE life science for 110 million Euro

Infosys Ltd signed a definitive agreement to acquire BASE life science, a leading technology and
consulting firm in the life sciences industry, for up to 110 million Euro (about $111 million). The
acquisition is expected to close during the second quarter (Q2) of FY23.
✓ The acquisition of Denmark-based BASE life science is to deepen life sciences domain capabilities
and strengthen footprint across Europe and will help global life sciences companies realize

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business value from cloud-first digital platforms and data, to speed-up clinical trials and scale drug
development.

CCI Approves: Increase in voting rights held by CPPIB in ReNew; Acquisition of AFLI by Ageas;
Indirect Subscription of Shares of CitiusTech by Bain Capital & Bain Credit
The Competition Commission of India (CCI), the chief national competition regulator in India, has
approved the following,
✓ The proposition to increase the proportion of voting rights held by CPPIB in ReNew Energy Global
PLC (ReNew). This proposed combination envisages an increase in the proportion of voting rights
held by the Canada Pension Plan Investment Board (CPPIB), an investment management
organisation, in ReNew.
✓ the proposal for the indirect subscription of over 30% of the total number of issued shares of
CitiusTech by Bain Capital Investors, LLC (Bain Capital) and Bain Capital Credit Member, LLC and
Bain Capital Credit Member II, Ltd. (Bain Credit).
✓ The acquisition of Ageas Federal Life Insurance Company Limited (AFLI) by its group company
Ageas Insurance International NV (Ageas).
CCI: Chairperson– Ashok Kumar Gupta; HQ– New Delhi, Delhi

LIC Reduces Stake by 2% in Sun Pharma to 5.024%

Life Insurance Corporation of India (LIC) reduced its shareholding in Sun Pharmaceutical Industries
Ltd. (Sun Pharma) by selling 2.002% stake for around Rs 3882 crore, decreasing its shareholding from
7.026% to 5.024% of the paid-up capital.
✓ LIC’s shareholding in Sun Pharma has diluted to 12,05,24,944 equity shares from 16,85,66,486.
✓ The shares were sold through open market transactions during the period from 17th May 2021 to
22nd July 2022 at an average price of Rs. 808.02 apiece, valuing a total of Rs. 3,881.85 crore.
✓ Sun Pharma: Founder & Managing Director (MD) – Dilip Shanghvi; Establishment – 1983; HQ
– Mumbai, Maharashtra

Bharti Airtel Allots 1.2% Equity Shares to Google for USD 1 Billion
Bharti Airtel, a telecom operator has allotted 71,176,839 equity shares of the face value of Rs. 5 each
fully paid up, on preferential basis to Google International LLC (Google) at an issue price of Rs. 734 per
equity share.
✓ Google will hold ~1.2% of the total post-issue equity shares of Bharti Airtel, which is about 1.17%
on fully-diluted basis.
✓ The equity shares arise as a part of Google’s commitment to invest USD 1 billion with Airtel
including equity investment in the company worth USD 700 million (about Rs. 5,224 crore). This
investment was made as part of Google’s USD 10-billion India Digitization Fund.
Bharti Airtel: MD & CEO – Gopal Vittal; HQ – New Delhi, Delhi

CCI Approval: Axis Bank – Citi Deal & Greenforest New Energies Acquisition in Tata
The Competition Commission of India (CCI) approves the acquisition of Citibank, N.A.’s (Citi) and
Citicorp Finance India Limited’s (Citicorp) undertakings comprising their consumer banking activities
by Axis Bank under Section 31(1) of the Competition Act, 2002.
✓ The approval has been given for Rs. 12,325 crore Axis Bank – Citi deal, which is payable after
the entire Citi Bank’s business is transferred to Axis Bank.
✓ Under the deal, Axis Bank would take over Citi’s credit cards, personal loans and wealth
management businesses.
CCI approves the acquisition of up to 11.43% stake in Tata Power Renewable Energy
Limited (TPREL) by Greenforest New Energies Bidco Limited (Greenforest).

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✓ CCI: Chairperson – Ashok Kumar Gupta; Establishment – 2003; HQ – New Delhi, Delhi. Click here
to read more.

HDFC to fully Acquire Venture Capital Arm HVCL by buying shares from SBI
The Housing Development Finance Corporation Limited (HDFC) will acquire its venture capital
subsidiary HVCL (HDFC Venture Capital Limited) by buying out the State Bank of India (SBI)’s 19.5%
stake in the company.
✓ Currently HDFC holds 80.50 % equity share capital of HVCL and the remaining 19.50 % shares are
held by SBI.
✓ After the proposed acquisition of shares, HVCL would become a wholly-owned subsidiary of HDFC.
✓ HVCL is an investment manager to HDFC Property Fund, and it was incorporated in October 2004.
HDFC: Chairman- Deepak Parekh; Founded-1977; HQ-Mumbai, Maharashtra

2022 Acquisitions & Mergers - August

CCI clears Rs 4,500cr deal between BFHL consortium & IDFC; Approves Amalgamation
between Shriram Group Companies
The Competition Commission of India (CCI) approved the proposal of Rs 4,500 crore deal wherein
the Bandhan Financial Holdings (BFHL)-led consortium will buy stakes in IDFC Asset Management
Company Ltd & IDFC AMC Trustee.
✓ The consortium consists of Bandhan Bank’s parent BFHL, private equity firm ChrysCapital and
Singapore’s sovereign fund GIC.
i. CCI also approves Composite Scheme of Arrangement and Amalgamation between Shriram Group
Companies under Section 31(1) of the Competition Act, 2002.
ii. CCI granted its approval for the acquisition of a 50.1% stake of Sanmina-SCI India (SCIPL) by
Reliance Strategic Business Ventures (RSBVL). RSBVL is a subsidiary of Reliance Industries (RIL).
✓ CCI: Chairperson– Ashok Kumar Gupta; HQ– New Delhi, Delhi. Click here to read more.

BoB to Divest 12.5% stake in its Insurance arm IndiaFirst Life Insurance Company
The board of Bank of Baroda (BoB) has approved the divestment of up to 12.5% of its shareholdings in
its subsidiary, India First Life Insurance Company Limited (IFLIC).
✓ In 2021, BoB purchased 21% stake of Union Bank of India and increased its stake in IFLIC from
44% to 65%.
The remaining 35% is held by Carmel Point Investments India Pvt Ltd, owned by private equity funds
managed by Warburg Pincus LLC.

Uber Technologies sells entire stake in Zomato for Rs.3,088 crore

Uber Technologies, through its arm Uber BV, offloaded its entire 7.8% stake by selling 61.2 crore
shares of Zomato Ltd for Rs. 3,088 crore through an open market transaction.
✓ Uber B.V held 612.19 million shares in Zomato, representing 7.78% shareholding, as of 30 June
2022.
✓ Uber is the second biggest single shareholder in Zomato after Info Edge.
Uber Tech: CEO – Dara Khosrowshahi; Founded – 2009; HQ – San Francisco, California, US.

LIC sold 2% shares in Mahindra & Mahindra for Rs 2,222.49 Cr

Life Insurance Corporation of India (LIC) has sold 2% of its shareholding in Mahindra &
Mahindra Limited(M&M) for about Rs 2,222.49 crore.

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✓ The shares were sold through open market transactions during the period from December 21,
2020, to August 8, 2022.
✓ According to SEBI (Security and Exchange Board of India) guidelines, the listed companies are
required to intimate the stock exchanges when their shareholding in an entity changes by 2% or
more.
LIC: Chairperson-Mangalam Ramasubramanian Kumar; Founded- 1956; HQ- Mumbai, Maharashtra.

ADIA Invests Rs 665 Crore in Aditya Birla Health Insurance

Abu Dhabi Investment Authority (ADIA) will invest Rs 665 crore in Aditya Birla Health Insurance
Company Limited (ABHICL) for a 9.99 percent stake value. This transaction has been approved by the
board of directors of Aditya Birla Capital Limited (ABCL), the holding company for financial services of
the aluminium to telecom conglomerate.
✓ ABHICL, a health insurance company is a joint venture between Aditya Birla Capital and
Momentum Metropolitan Strategic Investments, a wholly owned subsidiary of South-African based
Momentum Metropolitan holdings limited.
ABIHCL: CEO & Whole time Director – Mayank Bathwal; Establishment – 2016.

CCI Approves Acquisition of Stake by ADIA Group; Sekhmet & ODPL and Adani Groups in
Different Companies
The Competition Commission of India (CCI) has approved the acquisition of stake in IIFL Home
indirectly by Abu Dhabi Investment Authority (ADIA) group, sole beneficiary and settlor of
the Platinum Jasmine Trust.
✓ The proposed transaction relates to the acquisition of up to 20 % stake in IIFL Home Finance by
Platinum Owl C 2018 RSC Ltd, a trustee acting for Platinum Jasmine Trust.
✓ IIFL Home is a housing finance company registered with the National Housing Bank which is a
wholly-owned subsidiary of IIFL Finance Limited.
The CCI approves the acquisition of majority shareholding in Optimus Drugs Private Limited (ODPL) by
Sekhmet Pharmaventures Private Limited (Sekhmet) and ODPL’s acquisition of a shareholding in
Optimus Pharma Private Limited (OPPL) and Optimus Life Science Private Limited (OLSPL) under
Section 31(1) of the Competition Act, 2002.
CCI: Chairperson – Ashok Kumar Gupta; Establishment – 2003; HQ – New Delhi, Delhi. Click here to
read more.

BRDN Investment Management have divested 5.58% stake in HDFC AMC for Rs 2,300 cr
BRDN Investment Management, formerly Standard Life Investments, divested its 5.58% stake in HDFC
Asset Management Company (AMC) for over Rs 2,300 crore.
✓ According to Bombay Stock Exchange (BSE) transaction data, BRDN has sold approximately Rs
1.19 crore shares in HDFC AMC through open market transactions.

CCI approves acquisition of the stake in Simpolo Vitrified Private Limited by IBEF IV, India SME,
MOFPL and others
The Competition Commission of India (CCI) approves the acquisition of the stake in Simpolo Vitrified
Private Limited (SVPL) by India Business Excellence Fund IV (IBEF IV), India SME Investments Fund –
I (India SME), Motilal Oswal Finvest Limited (MOFPL), partners of Simpolo Ceramics (SC
or Simpolo Ceramics) and the shareholders of Nexion International Private
Limited (Nexion) including Aghara & Sons (Aghara) and Ceramiche Speranza SPA (Ceramiche SPA).
Other Approvals by CCI:

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✓ The amalgamation of Creixent Special Steels Limited (CSSL) and JSW Ispat Special Products
Limited (JSW Ispat) with and into JSW Steel Limited (JSW Steel) under Section 31(1) of the
Competition Act, 2002.
The acquisition by Katsura Investments in Varmora Granito Private Limited and certain other
entities. Click here to read more.

MCA approves BGRL amalgamation with Bharat Petroleum

The Ministry of Corporate Affairs (MCA) approved the amalgamation of Bharat Gas Resources Limited
(BGRL) with its parent company Bharat Petroleum Corporation Limited (BPCL).
✓ Bharat Gas Resources Limited (BGRL), incorporated in June 2018, is a wholly owned subsidiary of
BPCL for handling the Natural Gas business.
✓ The scheme of amalgamation became effective on 16 August 2022.
BPCL: CMD – Arun Kumar Singh; Founded- 1952; HQ- Mumbai, Maharashtra

Adani Group Firms to Acquire 29.18% Stake in NDTV; Launched Open Offer for Another 26%
Stake
The Adani group’s AMG Media Network Limited (AMNL) announced that it will indirectly acquire a
29.18% stake in New Delhi Television Ltd (NDTV) through the conversion of loans into an equity stake
in NDTV.
✓ The NDTV owns three national news channels — NDTV 24×7, NDTV India and NDTV Profit.
✓ It will also launch an Open Offer to acquire 26% stake for Rs. 493 crore to get a majority stake in
NDTV.
✓ In 2008-09, the Adani Group provided a loan of Rs 250 crore to NDTV and the Adani group firm
now exercised the option to convert that debt into a 29.18% stake in NDTV.
✓ Adani Group: Chairman – Gautam Adani; MD – Rajesh Adani; Founded – 1988; HQ –
Ahmedabad, Gujarat

Norwegian CIF to acquire 49% stake in 420 MW solar power plant in Rajasthan
The Norwegian Climate Investment Fund (CIF), managed by Norfund and KLP, signed an agreement
to acquire a 49% stake in a 420 MW (Megawatt) solar energy plant named Thar Surya 1 in Rajasthan.
Norfund and KLP together will take a 49% for approximately Rs 280 crore.
✓ The 420-MWDC (300-MWAC) solar energy was developed by the Italian gas and power utility
company, Enel Green Power.
✓ Norway and India are partners in the global energy transition through the CIF.

Bharti Telecom to buy 3.33% Airtel Stake from Singtel for Rs 12,895 crore;TVS Motor acquires
48.27% stake in DriveX
Bharti Telecom Limited (BTL) the promoter of Bharti Airtel and a joint venture between Bharti
Enterprises and Singapore-based Singtel will acquire a 3.33% stake in Bharti Airtel from Singapore-
based telecommunications company (Singtel) for Singapore dollars 2.25 billion (Rs 12,895 crore)
in 90 days.
✓ After the stake purchase, the direct shareholding of Singtel will stand at 10% and Bharti Airtel at
6%.
TVS Motor Company announced it will acquire 48.27 % stake in NKares Mobility Millennial Solutions
Private Limited (NMMSPL) for Narain Karthikeyan’s pre-owned two-wheeler start-up ‘DriveX’ for a
consideration of Rs.85 crore.

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HDFC Bank to pick around 10 pc stake in Go Digit Life Insurance

HDFC Bank Limited is set to invest between Rs 49.9 crore to Rs 69.9 crore to pick up
around 9.994% (~10%) stake in Go Digit Life Insurance Limited owned by promoters of (Initial Public
Offering) IPO-bound Go Digit General Insurance.
✓ Backed by Prem Watsa-led Fairfax Group and Kamesh Goyal, Go Digit Life has applied for a
certificate of registration from the IRDAI (Insurance Regulatory and Development Authority of
India) to set up a life insurance business.
HDFC Bank Ltd: Chairman- Atanu Chakraborty; HQ- Mumbai, Maharashtra; Founded-1994

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