CCI nods 26% stake acquisition in ONGC Tripura Power Company by GAIL

13 Sep 2021 CW Team

Fair trade regulator, Competition Commission of India (CCI), gave its nod for the 26% equity stake acquisition in Oil and Natural Gas Corporation (ONGC) Tripura power company by Gas Authority of India (GAIL).

The equity stake is being acquired from Infrastructure Leasing & Financial Services Limited (IL&FS) group companies IL&FS Energy Development Company Limited and IL&FS Financial Services Limited.

As per a combination notice, GAIL had competed in open bidding and had come out as the highest bidder as per the expression of interest (EOI) issued for obtaining a 26% stake held by the IL&FS group in ONGC Tripura Power Corporation Limited.

Commission approves acquisition of 26% stake in ONGC Tripura Power Company by GAIL, CCI said.

As per the combination notice, GAIL India and ONGC Tripura's combined value of assets and turnover is Rs 71,959.84 crore and Rs 73,408.82 crore for the ending March 2020.

CCI said the commission allows the acquisition of Inflow Technologies by Savex Technologies.

According to a combination notice, Savex Technologies Private Limited and Inflow Technologies Private Limited have signed definitive agreements for all the Inflow's shares acquisition in various tranches.

Savex will acquire 100% of the shares of Inflow post the completion of the tranches, it added.

As per the notice, the intended transaction will allow the parties to deliver higher value to their existing clientele and better penetrate the multiple product segments in which the parties operate.

Both the entities are included in the distribution of information and communication technologies products.

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