CCI approves proposed stake acquisition in WeWork India by Real Trustee Advisory Co
Jun 18, 2024 23:17
The Competition Commission of India (CCI) has approved the proposed acquisition of a stake in WeWork India by Real Trustee Advisory Company, a move that will see Volrado Venture Partners Fund II and other investors take a stake in the flexible workspace provider.
New Delhi, Jun 18 (PTI) Fair trade regulator CCI on Tuesday said it has approved the proposed stake acquisition of WeWork India Management by Real Trustee Advisory Company.
"CCI has approved the acquisition of certain share capital of WeWork India Management (WeWork India) by Real Trustee Advisory Company (Real Trustee) (in its capacity as trustee for Volrado Venture Partners Fund II (Volrado II).
"...Volrado Venture Partners Fund III - Beta (Volrado III) and other independent co-acquirers, and 100 per cent share capital of 1 Ariel Way Tenant Limited (OAW) by Embassy Buildcon LLP," CCI said in a release.
The Competition Commission of India (CCI) said it has approved the proposed deal.
Embassy Buildcon is engaged in the business of real estate development of residential and commercial assets and other related activities.
WeWorkIndia operates in flexible workspaces and digital real estate workplace solutions for companies.
OAW holds shares of WeWork India on behalf of WeWork International.
The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
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