Latest News | CCI Approves GIC's Proposed Acquisition of Data Infrastructure Trust Unitholding
Get latest articles and stories on Latest News at LatestLY. Fair trade regulator CCI has approved Singapore sovereign wealth fund GIC's proposed acquisition of additional unitholding in Data Infrastructure Trust.
New Delhi, Jan 12 (PTI) Fair trade regulator CCI has approved Singapore sovereign wealth fund GIC's proposed acquisition of additional unitholding in Data Infrastructure Trust.
Data Infrastructure Trust (DIT) is a Sebi-registered Infrastructure Investment Trust (InvIT) that is into the business of providing passive telecom infrastructure services.
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The US-based Brookfield Asset Management is the sponsor of DIT.
Valkyrie Investment Pte and Anahera Investments Pte -- two wholly-owned subsidiaries of GIC -- will acquire the additional unitholding in DIT and consequent rights in BIP India Infra Projects Management Services (BIP IndiaInfra).
BIP Infra is the investment manager for DIT and will primarily manage the operations and investments of the InvIT.
The Competition Commission of India (CCI) has cleared the deal under the green channel route.
The regulator also gave its nod to Valkyrie and Anahera for the acquisition of preference shares and certain rights in BIF IV Jarvis IM Holdco Pte (Jarvis IM HoldCo).
Jarvis IM HoldCo was recently incorporated solely for the purpose of simplifying the governance structure of DIT.
"Pursuant to the proposed transaction, no horizontal, vertical and complementary overlaps arise between the activities of the GIC Group entities and the targets (DIT, Jarvis IM HoldCo and BIP India Infra).
"The transaction does not raise any risk of an appreciable adverse effect on competition in the plausible relevant market," the competition watchdog said in a notice on Thursday.
Therefore, the proposed transaction is being notified under the green channel route, it added.
Under the green channel route, a transaction which does not raise any risk of an appreciable adverse effect on competition is deemed to be approved on being intimated to the fair-trade regulator.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)