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The Competition Commission of India (CCI) has approved the acquisition of a controlling stake in Forbes Enviro Solutions Limited (FESL) by Lunolux Limited (LL). FESL is currently a subsidiary of Eureka Forbes Limited.
The proposed combination pertains to the acquisition of controlling stake in FESL by LL through the primary acquisition of up to 72.56 per cent and the subsequent acquisition of up to 26 per cent equity stake by way of an open offer under the SEBI Takeover Code.
Also see: CCI approves Bricklayers’ acquisition of upto 16.94% stake in IRB Infrastructure
FESL will house the health and safety business of Eureka Forbes — business of water purifiers, air purifiers, security solutions, vacuum cleaners and electric air cleaning systems.
LL
LL is a special purpose vehicle incorporated by AI Global Investments (Cyprus) PCC Limited (AI Global). AI Global operates as the investment hub for Asia for all the funds managed by Advent International.
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