Companies

CCI approves APSEZ buying residual stake in Krishnapatnam Port

Our Bureau New Delhi | Updated on May 18, 2021

Also gives nod for acquisition of YES Asset Management by GPL Finance

The Competition Commission of India (CCI) has approved the  proposed acquisition of additional 25 per cent  shareholding of Adani Krishnapatnam Port Limited by Adani Ports and Special Economic Zone Limited (APSEZ).

The proposed combination envisages acquisition of additional 25 per cent shareholding of Adani Krishnapatnam Port Limited (Target) by Adani Ports and Special Economic Zone Limited (Acquirer), an official release said.

The Acquirer is a private multi-port operator. It is currently present at 11 ports in six maritime states of Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha. It already holds 75 per cent  shareholding of the Target.

As a result of the proposed combination Acquirer will hold 100 per cent shareholding and sole control of the Target.

The Target is engaged as a developer and operator of an all-weather, deepwater multi-purpose port located at Krishnapatnam, Andhra Pradesh, under Build-Operate-Share-Transfer concession from the Government of Andhra Pradesh, the release added.

YES ASSET MANAGEMENT

Meanwhile, the CCI has also approved the acquisition of YES Asset Management (India) Limited (YES AMC) and YES Trustee Limited(YES Trustee) by GPL Finance and Investments Limited(GPL).

The proposed combination envisages acquisition of 100 per cent  equity shares of YES AMC and YES Trustee by GPL, which is part of the White Oak Group. The White Oak group is an investment management and investment advisory group founded by Prashant Khemka.

By way of these acquisitions, GPL will acquire Yes Mutual Fund and become its sole sponsor, an official release said.

GPL is registered with the Reserve Bank of India as a non-deposit taking and non- systemically important Non-Banking Financial Company. It is classified as an investment company and is primarily engaged in the business of making investments in mutual funds and providing referral and support services to White Oak Capital.

YES AMC belongs to the YES Bank Limited group. It acts as an asset management company / investment manager to YES Mutual Fund.

YES Trustee belongs to the YES Bank Limited group. It is the exclusive owner of the trust fund of YES Mutual Fund and holds the same in trust for the benefit of the unitholders, the release added.

CONFIDENTIALITY REGIME REVIEW

The CCI has extended by one month the deadline for submission of public comments on the draft proposal for setting up of a confidentiality ring. Public comments can now be electronically sent till June 12, 2021 as against the earlier specified deadline of May 12, 2021, an official release said. This extension has been given after considering the requests made by various stakeholders due to the difficulties arising in the wake of Covid 19, the release added. Confidentiality ring allows for confidential information to be made available only to a certain category of individuals. Any breach will attract penal consequences, the CCI had proposed.

  

Published on May 18, 2021

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