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New Delhi : The Competition Commission of India (CCI) has approved acquisition of controlling stake in Forbes Enviro Solutions Limited (Target / FESL) by Lunolux Limited (Acquirer / LL) under Section 31(1) of the Competition Act, 2002.
The proposed combination pertains to the acquisition of controlling stake in FESL by LL through the primary acquisition of up to 72.56% and the subsequent acquisition of up to 26% by way of an open offer under the provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. FESL will house the Health and Safety Business of Eureka Forbes Limited – i.e., business of (a) water purifiers, (b) air purifiers, (c) security solutions, (d) vacuum cleaners and (e) electric air cleaning systems.
The proposed combination is in the nature of an acquisition and falls under Section 5(a) of the Competition Act, 2002, according to a PIB release.
LL : LL is a special purpose vehicle incorporated by AI Global Investments (Cyprus) PCC Limited (AI Global). AI Global operates as the investment hub for Asia for all the funds managed by Advent International.
FESL: FESL is presently a subsidiary of Eureka Forbes Limited (EFL).
Detailed order of the CCI will follow.