Temasek Holdings Acquires Stake in Rebel Foods: CCI Approves Deal

New Delhi, Nov 26 (PTI) The Competition Commission of India (CCI) on Tuesday cleared Singapore's sovereign wealth fund Temasek Holdings' proposed acquisition of a stake in foodtech company Rebel Foods.

Temasek Holdings, through its arm Jongsong Investments Pte, is acquiring a stake in Rebel Foods -- which owns Faasos, Behrouz Biryani, Oven Story and other cloud kitchens.

The proposed combination envisages the subscription to certain compulsorily convertible preference shares and the acquisition of equity shares of Rebel Foods Private Ltd (Rebel Foods) by Jongsong Investments Pte Ltd, the regulator said in a release.

In September, Rebel Foods, the cloud kitchen startup, was in talks to raise funds in a range of USD 100-150 million in a fresh round led by Temasek.

Founded in 2011 by Jaydeep Barman and Kallol Banerjee, Rebel Foods is the world's largest internet restaurant company, having over 450 kitchens across 70 cities.

Rebel Foods currently operates over 45 brands across multiple countries.

Further, Rebel Foods has been expanding into offline stores as it looks to tap a growing audience base and increase revenue streams. The company competes with Binny Bansal-backed Curefoods and Tiger Global-funded Eatclub, among others.

In another release, fair trade regulator CCI approved the acquisition of Fosroc Top One Ltd, Fosroc Top Two Ltd, and Fosroc Supply FZE by Starcin Holding France SAS (Starcin).

The proposed combination involves the acquisition of 100 per cent of the issued shares of Fosroc Top One, Fosroc Top Two, and Fosroc Supply FZE by Starcin, a wholly-owned subsidiary of Compagnie de Saint-Gobain SA (Saint-Gobain).

Fosroc Top One, Fosroc Top Two, and Fosroc Supply FZE are wholly-owned subsidiaries of Fosroc Group Holdings Ltd (Fosroc).

Starcin provides an array of services, including strategy and commercial development, legal, financial, and accounting, etc.

Saint-Gobain's business lines include the production and sale of products, solutions and services for construction and housing, including building glass, ceilings, and building chemicals.

It also manufactures high-performance solutions like automotive glass, ceramics, and performance plastics while Fosroc is an international manufacturer and supplier of high-performance, low-volume chemicals for the construction industry.

In June, Saint-Gobain announced that it had entered into a definitive agreement to acquire FOSROC for USD 1,025 million (approximately 960 million euros) in cash.

Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices and promotes fair competition in the marketplace.