The Competition Commission of India (CCI) gave its stamp of approval on several major business deals in the country. Following a break of more than three months, the CCI resumed its review of mergers and acquisitions on Thursday and approved multiple deals.

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Deals beyond a certain threshold require the approval of the CCI. However, once Chairperson Ashok Kumar Gupta retired on October 25, 2022, the regulator was unable to examine mergers and acquisitions due to a lack of quorum. The CCI only has two members at the moment, and the chair position is unfilled.

The fair trade regulator requires a quorum of three members to examine mergers and acquisitions, sometimes referred to as combinations in CCI language.

The deals cleared today come as per the corporate affairs ministry directory earlier this month permitting the regulator to adopt the "doctrine of necessity" with regard to reviewing combinations in light of the growing number of acquisitions seeking CCI clearance. The deals are listed below.

NIIF to acquire up to 25 percent shareholding in HPPL:

The CCI has approved the proposed acquisition of up to 25 percent shareholding in Hindustan Ports Private Limited (HPPL) by the National Investment and Infrastructure Fund (NIIF), and the subsequent merger of Hindustan Infralog Private Limited (HIPL) into HPPL. The NIIF, which is primarily focused on investing in core infrastructure sectors, will acquire the shares subject to certain terms and conditions.

CCI approves Ardor Holdings II's subscription of Hero Future Energies Global's CCP shares: Ardor Holdings II Pte. Ltd. has been given the green light by the CCI to subscribe to Compulsorily Convertible Preference Shares of Hero Future Energies Global Limited. Ardor Holdings II is indirectly owned by investment funds managed by KKR & Co. Inc.

CCI approves Archroma's acquisition of Huntsman's textile effects business: The CCI has approved the acquisition of Huntsman International’s textile effects business by Archroma Operations S.à.r.l., which is incorporated in Luxembourg, manufacturers of a range of chemicals used in the textile, paper, coatings, construction, and adhesive industries.

CCI approves Keimed's internal restructuring of certain subsidiaries: The CCI has approved the internal restructuring of certain subsidiaries of Keimed Private Limited under Section 31(1) of the Competition Act, 2002. Keimed, along with its 44 subsidiary companies, is primarily involved in the wholesale sale and distribution of pharmaceutical products, healthcare and wellness products, and medical consumables across India.

CCI approves the acquisition of 100 percent equity and preference shares of Lanco Anpara Power Limited by Megha Engineering and Infrastructures Limited:

The acquisition of 100 percent equity and preference shares of Lanco Anpara Power Limited (LAPL) by Megha Engineering and Infrastructures Limited (MEIL) has been approved by the Competition Commission of India (CCI) under Section 31(1) of the Competition Act, 2002. The proposed combination involves the purchase of all the equity and preference shares of LAPL by MEIL or its wholly-owned subsidiary.