CCI approves minority stake acquisition in Lenskart by Dove Investments

Fair trade regulator CCI has agreed to acquire a minority stake in Lenskart Solutions by Dove Investments, Defati Investments Holding BV and Infinity Partners.

The proposed merger relates to Dove Investments and Defati Investments Holding BV and Infinity Partners’ minority acquisition of some shares in Lenskart, according to a notification filed with CCI on Monday.

Lenskart Solutions Pvt Ltd (LSPL) is engaged in the manufacture, sale and wholesale of eyewear products, while Dove Investments, Defati Investments Holding BV and Infinity Partners are the private equity investors.

Separately, the regulator authorized the acquisition of the securities of a newly formed entity of Mahindra & Mahindra Ltd by the World Bank Group’s International Finance Corporation.

The merger relates to IFC’s proposal to subscribe to certain compulsorily convertible preferred shares (CCPS) of the new unit of Mahindra & Mahindra.

In March, Mahindra and Mahindra announced that the International Finance Corporation, an arm of the World Bank Group, would invest in a new unit of the company, which was set up to expand its electric transmission business.

The International Finance Corporation (IFC) is a multilateral financial institution.

The Competition Commission of India (CCI) said it had approved both deals under the Green Channel route.

“Because there are no horizontal overlaps or complementary linkages between the parties to the proposed transaction, the proposed transaction does not raise any risk of a material adverse impact on competition in any relevant market and is notified under the Green Channel route,” CCI’s website updates.

Under the green channel route, a transaction that does not raise any risk of a material negative impact on competition is considered approved upon notification to the antitrust regulator.

(Only the title and image for this report may have been reworked by the Business Standard staff; the rest of the content is generated automatically from a shared feed.)

First published: Jun 06 2023 | 11:51 PM ist