CCI approves LIC AMC's acquisition of management rights over IDBI MF schemes
IANS -
The proposed combination entails LIC AMC's acquisition of the rights to manage and administer the schemes of IDBI MF from IDBI AMC, and LIC Mutual Fund Trustee Private Ltd's (LIC TC) acquisition of the rights of trusteeship of the schemes of IDBI MF from IDBI MF Trustee Company Ltd (IDBI TC).
CCI nod to acquisition of 100% equity share capital of L&T IDPL and KTL
IANS -
As per the CCI, the Proposed Combination envisages the acquisition of 51 per cent and 49 per cent of equity share capital of L&T IDPL from Larsen and Toubro Limited and CPPIB India Private Holdings Inc., respectively, by ECPL; and 100 per cent of the equity share capital of KTL (a wholly-owned subsidiary of L&T IDPL) by IYP II.
CCI okays acquisition of METRO Cash, Carry by Reliance Retail Ventures
IANS -
The proposed combination involves acquisition of 100 per cent of the issued and paid-up equity share capital of METRO Cash and Carry India Private Limited (Target) by the Reliance Retail Ventures Limited (Acquirer). The Acquirer is a subsidiary of Reliance Industries Limited. The Acquirer, through its subsidiaries and affiliates, is engaged in the wholesale and retail sale of products across categories such as food and groceries
Axis Bank completes acquisition of Citibank's consumer businesses in India
IANS -
The deal has been closed with Axis Bank paying a total purchase consideration (after customary & contractual adjustments) of Rs 11,603 crore to Citibank India, a statement by Axis Bank said. The transaction comprises the sale of the consumer businesses of Citibank India, which includes loans, credit cards, wealth management, and retail banking operations.
'Anti-competitive offers by Samsung killing retail trade', CAIT writes to CCI
IANS -
The CAIT in a letter to the CCI Chairman has claimed that leading manufacturers like Samsung too have plunged into  anticompetitive and retail destructive' policies like their Chinese counterparts and foreign ecommerce platforms for benefits of themselves, creating a void in the retail trade impacting the business and economy adversely.
Indian startups hail SC ruling on Google-CCI case
IANS -
Google had moved the apex court after the setback at the NCLAT, which did not stay the CCI order on abuse of dominant position in multiple markets in the Android mobile device ecosystem case. Rohan Verma, CEO and ED at homegrown MapmyIndia said that they are extremely grateful to the Supreme Court for their order against Google's appeal.
CCI order strikes a blow to accelerating digital adoption in India: Google
IANS -
Google said that foundational disruptions at this stage could set us back years and undo the deep investments and effort made by original equipment manufacturers (OEMs), developers, and the industry overall. "It is a crucial moment for India - and our hope is that we, along with all the stakeholders of this vibrant ecosystem, can continue to build on top of this foundation," said the company.
NCLAT refuses to grant stay on CCI order on Google's appeal
IANS -
"We welcome the NCLAT order of not granting a stay on directions passed by the CCI. The CCI directions were passed after a lengthy investigation keeping in mind Google's clear and unequivocal abuse of dominance practices, which have terribly harmed the Indian consumer, ecosystem and economy," MapmyIndia CEO and ED, Rohan Verma, told IANS.
CCI slaps Rs 935 crore fine on Google, 2nd penalty in 1 week
IANS -
Last week, the market watchdog had imposed a penalty of Rs 1,337.76 crore on Google for abusing its dominant position in multiple markets in the Android mobile device ecosystem. In its fresh ruling, the regulator found Google to be dominant in the markets for licensable OS for smart mobile devices and market for app stores for Android smart mobile OS, in India.
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