New Delhi: Fair-trade regulator Competition Commission of India (CCI) said on April 6 that it has approved the acquisition of SREI Infrastructure Finance by National Asset Reconstruction Company Ltd and India Debt Resolution Company Ltd. The deal has been cleared under the green channel route. National Asset Reconstruction Company Ltd (NARCL) is an asset reconstruction company while India Debt Resolution Company Ltd (IDRCL) provides debt management services to NARCL. Both entities are backed by the Central government.
NARCL to submit a resolution plan
The proposed transaction involves the acquisition of a majority of the equity share capital of the Srei Infrastructure Finance (SIFL) by NARCL and IDRCL, according to a CCI notice.NARCL has submitted a resolution plan in relation to the corporate insolvency resolution process (CIRP) of SIFL and its wholly-owned subsidiary, SREI Equipment Finance Ltd (SEFL). Thereafter, NARCL’s resolution plan was approved by the Committee of Creditors (CoC) of the SIFL on February 14, the notice said.
CCI clears the deal
The CCI has cleared the deal.SIFL and its subsidiaries are engaged in providing financing and leasing for procurement of infrastructure equipment, financial advisory services, insurance broking services and merchant banking services.”Given that there are no horizontal overlaps or vertical or complementary linkages between the activities of the parties, the proposed transaction is being notified under the green channel,” CCI said.Under the green channel route, wherein a transaction which 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.
News & Image Source : psuwatch.com
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