Bharti group Indigo Cove Investments get CCI nod to acquire 49 pc stake in Haier India

New Delhi, Jan 28 (PTI) Fair trade regulator CCI on Wednesday cleared Bharti Group and Indigo Cove Investments' proposed acquisition of a 49 per cent stake in white goods company Haier India.
     The deal, said to be valued around USD 2 billion, has been approved by the Competition Commission of India (CCI) under the green channel route.
     "The proposed transaction involves the acquisition of approximately 49 per cent equity shareholding in Haier together by Indigo Cove and BNVL, on a fully diluted basis, through a combination of primary subscription and secondary purchase of shares of Haier," a notice submitted to the CCI said.
     Haier Appliances (India) Pvt Ltd is involved in the manufacturing of refrigerators, air-conditioners and other household appliances.
     Indigo Cove Investments BV is an investment holding company incorporated in the Netherlands, while Bharti Neo Ventures Ltd (BNVL) is an indirect wholly-owned subsidiary of the Bharti group and does not have any business operations in India or worldwide.
     "There are no horizontal overlaps, and vertical/ complementary links between the activities of the parties and their respective groups/ affiliates, in India.
     "Accordingly, the proposed transaction will not lead to any adverse effect on competition in India," the notice said.
     Under the green channel route, a transaction which does not pose any risk of an appreciable adverse effect on competition is deemed to be approved on being intimated to the competition watchdog.

(This story has not been edited by THE WEEK and is auto-generated from PTI)