The Competition Commission of India has approved the acquisition of Macquarie AirFinance Limited by Dubai Aerospace Enterprise Limited through DAE Eirecam Designated Activity Company. The proposed combination involves the transfer of ownership of Macquarie AirFinance from its current shareholders to the acquirer and its downstream holding. The commission notified that a detailed order will follow and that the approval clears the immediate regulatory hurdle for the transaction. Dubai Aerospace Enterprise Limited is described as a globally active aircraft lessor headquartered in Dubai serving customers in over 80 countries. DAE Eirecam Designated Activity Company operates as a downstream holding of the acquirer and will be the vehicle through which the purchase is effected. The acquirer group was presented as having an established global footprint in aircraft leasing and related financing activities. Macquarie AirFinance Limited is identified as a Dublin headquartered lessor with operations serving customers in over 45 countries and a portfolio of leased aircraft and associated financing arrangements. The transaction was said to consolidate market positions of two established lessors and to align their leasing capabilities under the acquirer's umbrella. Regulatory scrutiny by the commission focused on competition aspects in relevant markets and on whether the combination would substantially lessen competition. The approval completes a key step in the regulatory process in India while other jurisdictions have their own review procedures. The commission's approval is confined to competition law aspects assessed under Indian law and is separate from approvals required in other countries where the parties operate. The parties will be required to comply with any conditions that the commission sets out in its detailed order once it is issued. The government release provided the core facts about the transaction and indicated that the commission's detailed order will specify any further measures or clarifications.