News

CCI approves acquisition of Rivigo by Warburg-managed entities

Our Bureau New Delhi | Updated on December 01, 2020 Published on December 01, 2020

Competition watchdog also approves amalgamation of Srikalahasti Pipes with Electrosteel Castings

The Competition Commission of India (CCI) has approved the acquisition of Rivigo Services Private Ltd (Rivigo), a technology-enabled logistics company in trucking industry, by Spring Canter Investment Ltd (SCIL) through subscription of compulsorily convertible preference shares.

SCIL is an investment holding company incorporated under the laws of Mauritius and does not have any physical presence in India. Its shareholders are certain private equity funds managed by Warburg Pincus LLC (Warburg).

Rivigo uses an innovative ‘driver relay’ model that enables trucks to cover more distances at a faster pace against the industry average. Its full-stack logistics offering includes relay-led trucking and freight marketplace. It empowers numerous shippers and fleet operators to optimize their fleet and achieve maximum results and aim to bring an impact across the freight ecosystem by making it fully digital and transparent.

Electrosteel castings

Meanwhile, CCI has also approved the proposed amalgamation of Srikalahasthi Pipes Ltd (SPL) with and into Electrosteel Castings Ltd (ECL), an official release said.

ECL is a publicly-listed company in India and ultimate holding company of the Electrosteel group of companies. It is primarily engaged in the business of manufacturing and supply of ductile iron pipes, ductile iron fittings and cast iron pipes.

SPL is a publicly listed company in India and also a part of the Electrosteel group. It is engaged in the business of manufacturing and supply of ductile iron pipes.

The proposed combination is an amalgamation of SPL with and into ECL pursuant to a scheme of amalgamation, such that, post the amalgamation, SPL will dissolve and ECL will be the surviving entity, the release added.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on December 01, 2020
This article is closed for comments.
Please Email the Editor