The Competition Commission of India (CCI) on Monday said it has cleared the stake acquisition in VVDN Technologies by IBEF-IV under the green channel route.
India Business Excellence Fund - IV (IBEF-IV) is a Sebi-registered alternative investment fund (AIF).
The proposed combination relates to the acquisition of shareholding by the IBEF-IV through a combination of secondary share purchases of equity shares and subscription to compulsorily convertible debentures of VVDN Technologies, according to CCI.
VVDN Technologies Ltd is into providing electronic manufacturing services and original design manufacturing space with global operations.
CCI said it has approved the proposed deal.
"Given that there are no overlaps between the Parties to the proposed combination. Additionally, there are no horizontal, vertical, and complementary overlaps between the respective groups to which the Acquirer and the Target belong.
"The proposed combination does not raise any risk of an appreciable adverse effect on competition in any relevant market and is being notified under the green channel route," according to an update on the CCI website.
Under the green channel route, a transaction that does not raise any risk of an appreciable adverse effect on competition is deemed to be approved on being intimated to the anti-trust regulator.
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