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The Competition Commission of India (CCI) has sought comments from the public on the proposed acquisition of select businesses of Larsen & Toubro Limited by Schneider after prima facie finding that it could have an adverse impact on competition.
In a statement today, the regulator said the public can send in their comments by December 12. Under Combinations Regulation Section 29(3) of the Act, the Commission can invite comments/objections/suggestions in writing, from any person adversely affected or likely to be affected by the proposed combination.
In May, L&T and Schneider Electric inked the deal to buy the L&T’s electrical and automation business. The Commission, in the official statement, stated that the regulator is of the prima facie opinion that the proposed acquisition is likely to have an appreciable adverse effect on competition and, accordingly, has directed the acquirers to publish details of the combination for bringing the same to the knowledge and information of public and persons affected or likely to be affected by such acquisition.
Schneider buys L&T’s electric & automation unit for ₹14,000 cr
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