CCI approves combination involving setting up of Mindspace REIT by K Raheja Corp

19 Mar 2020 CW Team

The parties to the combination are:
1. Acquirer: Mindspace Business Parks REIT (“Mindspace REIT”)
2. Target Entities: K Raheja IT Park (Hyderabad), Intime Properties, Sundew Properties, Avacado Properties and Trading (India), Gigaplex Estate, KRC Infrastructure and Projects, Horizonview Properties; and Mindspace Business Parks (“Target Entitites”).

Mindspace REIT is set up as a contributory, irrevocable and determinate trust under the provisions of the Indian Trusts Act, 1882, with object and purpose to carry on a real estate investment trust, as permissible under the REIT Regulations, to raise funds through the REIT, to make investments in accordance with the REIT Regulations and the investment strategy and to carry on the activities as may be required for operating the REIT, including incidental and ancillary matters thereto.

The Target Entities are special purpose vehicles (SPVs) and are active in the commercial real estate industry. The business of the Target Entities consists of 10 commercial real estate projects. These commercial real estate projects are a mix of information technology parks, commercial buildings and special economic zone projects located in Mumbai Region, Hyderabad, Pune and Chennai.

The proposed transaction pertains to setting up and listing of a real estate investment trust (REIT) in India. It essentially entails acquisition of certain equity shareholding held by the selling shareholders in the Target Entities by Mindspace REIT, in accordance with the Securities Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 (REIT Regulations) (Proposed Combination).

The CCI approved the Proposed Combination under Section 31(1) of the Act, as per a release by PIB.

Detailed order of the CCI will follow.

The Competition Commision of India (CCI) has approved the proposed combination involving setting up of Mindspace REIT (REIT) by K Raheja Corp and acquisition of certain equity shareholding held by selling shareholders in the Target Entities by REIT, under Section 31(1) of the Competition Act, 2002. The parties to the combination are: 1. Acquirer: Mindspace Business Parks REIT (“Mindspace REIT”) 2. Target Entities: K Raheja IT Park (Hyderabad), Intime Properties, Sundew Properties, Avacado Properties and Trading (India), Gigaplex Estate, KRC Infrastructure and Projects, Horizonview Properties; and Mindspace Business Parks (“Target Entitites”). Mindspace REIT is set up as a contributory, irrevocable and determinate trust under the provisions of the Indian Trusts Act, 1882, with object and purpose to carry on a real estate investment trust, as permissible under the REIT Regulations, to raise funds through the REIT, to make investments in accordance with the REIT Regulations and the investment strategy and to carry on the activities as may be required for operating the REIT, including incidental and ancillary matters thereto. The Target Entities are special purpose vehicles (SPVs) and are active in the commercial real estate industry. The business of the Target Entities consists of 10 commercial real estate projects. These commercial real estate projects are a mix of information technology parks, commercial buildings and special economic zone projects located in Mumbai Region, Hyderabad, Pune and Chennai. The proposed transaction pertains to setting up and listing of a real estate investment trust (REIT) in India. It essentially entails acquisition of certain equity shareholding held by the selling shareholders in the Target Entities by Mindspace REIT, in accordance with the Securities Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 (REIT Regulations) (Proposed Combination). The CCI approved the Proposed Combination under Section 31(1) of the Act, as per a release by PIB. Detailed order of the CCI will follow.

Building Material

18 Sep 2025

Ambuja Cements Drags JSW Cement to Court Over ‘Kawach’ Brand

Ambuja Cements, part of the Adani Group, has filed a trademark infringement case against JSW Cement in the Delhi High Court, alleging that its rival copied the ‘Kawach’ brand with its new product ‘Jal Kavach’.Justice Manmeet Pritam Singh Arora issued summons to JSW Cement and its subsidiary, JSW IP Holdings Pvt Ltd, while referring the matter to mediation. Hearings are scheduled to resume on October 15 if no settlement is reached.Ambuja, which registered the ‘Kawach’ trademark in 2019, argues that the term ‘Kavach’—meaning shield—is the distinctive feature of its branding. ..

Technology

18 Sep 2025

Bentley Systems Named Innovation Partner of the Year 2025 by Afcons

Bentley Systems, the infrastructure engineering software company, has been recognised by Afcons Infrastructure Limited as its Innovation Partner of the Year 2025 at the Innovation Partners 2025 Felicitation Ceremony in Mumbai. The award acknowledges Bentley’s contribution to Afcons’ engineering digitalisation journey through an enterprise agreement providing access to over 250 Bentley engineering software tools. This adoption has enabled Afcons to accelerate project delivery, standardise digital workflows, and strengthen innovation across its infrastructure portfolio. Among key i..

Infrastructure Urban

18 Sep 2025

SBI Sells 13.18% Stake in Yes Bank to Japan’s SMBC

State Bank of India (SBI) has completed the sale of a 13.18 per cent stake in Yes Bank to Japan’s Sumitomo Mitsui Banking Corporation (SMBC) for over Rs 8,889 crore. The divestment is part of a Rs 13,482 crore deal finalised in May with SMBC and seven private banks.Following the transaction, SBI’s shareholding in Yes Bank stands at 10.8 per cent. The deal, involving 4,134.4 million shares at Rs 21.50 each, is the largest cross-border transaction in the Indian banking sector.SBI Chairman C S Setty described the 2020 RBI-led rescue of Yes Bank as a pioneering public-private partnership, addi..