The Competition Commission of India (CCI) has approved the proposed merger of ADES International Cayman, a wholly owned subsidiary of ADES International Holding Ltd, with and into Shelf Drilling Ltd.

Under the proposed combination, ADES International Cayman will merge into Shelf Drilling, with Shelf Drilling remaining the surviving entity. The merger proceeds to the shareholders of Shelf Drilling will be settled in cash, after which Shelf Drilling will become a wholly owned subsidiary of ADES International.

ADES International functions as a holding company for the ADES Group’s oil and gas drilling subsidiaries, focusing on investment and management activities. ADES, the merging entity, is newly incorporated and currently has no business operations. Both belong to the wider ADES Group, which provides oil and gas drilling and production services through three offshore jack-up rigs operating in India.

The Shelf Group comprises Shelf Drilling and its downstream affiliates. In India, the group operates and charters drilling rigs and provides oilfield services for offshore oil and gas exploration and development.

A detailed order from the Commission will be issued in due course.