CCI clears Lloyds Metals' proposal to acquire 49.9 pc stake in Thriveni Pellets

The entities involved in the transaction are incorporated in Singapore and are primarily engaged in investment holding activities, including in the real estate sector in India.

Fair trade regulator CCI on Tuesday cleared Lloyds Metals and Energy's proposal to acquire a 49.99 per cent equity stake in Thriveni Pellets Pvt Ltd.

"The proposed combination involves the acquisition of 49.99 per cent of the equity share capital of TPPL (Thriveni Pellets Pvt Ltd) by LMEL (Lloyds Metals and Energy Ltd)," the regulator said in a release.

LMEL is engaged in the business of iron ore mining, direct reduced iron production, generation of captive power, and pellet trading. It supplies iron ore fines and pellets mined/produced around the world.

"Commission approves the acquisition of 49.99 per cent equity stake of Thriveni Pellets Pvt Ltd (TPPL/Target) by Lloyds Metals and Energy Ltd," the Competition Commission of India (CCI) said.

TPPL is engaged in the sale of iron ore pellets in India. TPPL's wholly-owned subsidiary, Brahmani River Pellets Ltd, is engaged in the production and sale of iron ore pellets in India.

In a separate deal, CCI approved Temasek Holdings' and Canada-based CDPQ's proposal to acquire stakes in multiple realty entities.

The proposed combination involves the acquisition of a 20 per cent stake in each of Adamas Asset Holdings Pte Ltd, RGIP Holdings, Vikhroli Holdings and Airoli Holdings, as well as a 20 per cent stake in Bangalore Asset 2 Pte Ltd and Bangalore Asset 3 Pte Ltd by Jongsong Investments, the regulator said.

Jongsong Investments is an indirect wholly owned subsidiary of Temasek Holdings.

Additionally, the regulator has also granted its nod to Ivanhoe Cambridge Singapore Investments II Pte Ltd (IC Singapore) acquisition of 40 per cent of the equity share capital in Bangalore Asset 2 and Bangalore Asset 3 Pte Ltd, as per the release.

IC Singapore is a wholly-owned indirect subsidiary of Ivanhoe Cambridge Inc (IC Inc). Ivanhoe Cambridge is the real estate subsidiary of Caisse de depot et placement du Quebec (La Caisse), a Canadian institutional fund manager.

The entities involved in the transaction are incorporated in Singapore and are primarily engaged in investment holding activities, including in the real estate sector in India.

The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.