New Delhi, October 4, 2023 – The Competition Commission of India (CCI) has given its green light to several significant business transactions, marking a significant shift in the Indian corporate landscape. These approvals include the acquisition of a majority stake in Indira IVF, the amalgamation of Spaceway Wellness into Indira IVF, and the acquisition of a stake in Lenskart Solutions Private Limited. In addition, CCI has approved the acquisition of 100% shareholding in Lanco Amarkantak Power Limited.
CCI Approves Acquisition
Zonnebaars Acquires Majority Stake in Indira IVF
In a transformative deal for the healthcare sector, Zonnebaars Netherlands B.V., a subsidiary of the EQT group of investment funds, has been granted approval by the CCI to acquire a majority shareholding in Indira IVF Hospital Private Limited (Indira IVF). Indira IVF is a prominent player in the field of fertility and in vitro fertilisation treatments across India, operating multiple hospitals and centers.
The merger also includes the amalgamation of Spaceway Wellness Private Limited, one of the promoters of Indira IVF, into the company. This move is set to enhance Indira IVF’s position in the Indian healthcare industry and is expected to bring about significant synergies between the two entities.
Kedaara Capital Fund III LLP Gains Stake in Lenskart
In another noteworthy development, Kedaara Capital Fund III LLP has received approval from CCI for its acquisition of approximately 1.74% of the fully diluted issued share capital of Lenskart Solutions Private Limited. Kedaara Capital Fund III LLP is a private equity fund registered with the Securities and Exchange Board of India as a Category II Alternative Investment Fund, specializing in investments in companies across various sectors.
Lenskart Solutions Private Limited is a key player in the eyewear industry, involved in the manufacturing and sale of eyeglasses, sunglasses, and eyewear accessories, as well as wholesale trading of eyewear products. This strategic investment is expected to contribute to the growth and expansion of Lenskart’s presence in the Indian eyewear market.
PFC Projects Limited, REC Limited, SJVN Limited, and DVC Acquire Lanco Amarkantak Power Limited
The CCI has also granted approval for the acquisition of 100% shareholding in Lanco Amarkantak Power Limited (LAPL) by a consortium of companies, including PFC Projects Limited (PPL), REC Limited (REC), SJVN Limited (SJVN), and Damodar Valley Corporation (DVC).
PPL, a wholly-owned subsidiary of Power Finance Corporation Limited (PFC), specializes in power generation and distribution. REC is a subsidiary of PFC and serves as an infrastructure finance company. SJVN, a publicly-listed company, operates in various states across India and is involved in implementing and operating power projects. DVC is a statutory corporation engaged in power generation, transmission, and water management.
This strategic acquisition of LAPL signifies a significant milestone in the Indian power generation industry, consolidating the positions of these government-owned entities and furthering their commitment to the country’s energy infrastructure development.
These CCI approvals mark pivotal moments in the Indian business landscape, signifying strategic moves, expansion, and consolidation across various sectors. These transactions are poised to shape the future of the involved companies and contribute to the growth of the Indian economy.