IndoEdge Acquires 8% Stake in MG Motor India: CCI Approval

New Delhi, Apr 2 (PTI) The Competition Commission of India (CCI) on Tuesday said it has cleared IndoEdge's proposed acquisition of an 8 per cent stake in MG Motor India.

MG Motor India is engaged in the automobile original equipment manufacturing business and after-sales services under the brand MG.

The proposed combination relates to the acquisition of up to approximately 8 per cent of the share capital of MG Motor India Pvt Ltd, along with certain rights by the IndoEdge India Fund – LVF Scheme, according to a release.

IndoEdge India Fund - LVF Scheme is a large value fund for accredited investors, a scheme by IndoEdge India Fund. It is a Sebi-registered Alternative Investment Fund (AIF).

In another release, CCI said it has cleared the proposals of purchasing stakes in Pritam International Pvt Ltd by various entities, including ICICI Venture Funds, HCL Corporation and Mirabilis Investment Trust.

Pritam International and its subsidiaries are primarily engaged in the contract
manufacturing and formulations of various products, including beauty, personal, home care, fragrance, and pharmaceuticals.

"CCI approves subscription of compulsorily convertible preference shares of Pritam International Pvt Ltd by India Advantage Fund S5 I (IAF S5 I), HCL Corporation Pvt Ltd,
Mirabilis Investment Trust, Aashil Apurva Shah and Ansh Ashit Shah," the release said.

IAF S5 1 is a Sebi-registered AIF, and ICICI Venture Funds Management Company Ltd is the investment manager of the fund. Mirabilis Investment Trust is registered under the Indian Trust Act, 1882, and is not part of any group.

HCL Corp is a registered non-banking financial corporation (NBFC) and part of the HCL Group, while Aashil Apurva Shah and Ansh Ashit Shah are individual investors.

Separately, the fair trade regulator CCI has also given its clearance to the International Finance Corporation (IFC) to acquire a 6 per cent stake in Northern Arc Capital Ltd.

The proposed combination involves the acquisition of fully paid Series C Compulsorily Convertible Preference Shares (CCPS) in Northern Arc by IFC, the release said.

The shares represent 6 per cent of the total issued and paid-up share capital of the target on a fully diluted basis along with certain affirmative voting rights and board nomination rights.

IFC is a member of the World Bank Group.

Northern Arc, an unlisted non-banking financial company, is engaged in catering to the diverse retail credit requirements of under-served households and businesses in India.