Acquisition & Mergers

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2020 Acquisitions & Mergers

Table of Contents
2020 Acquisitions & Mergers – January ........................................................................................................................ 3
2020 Acquisitions & Mergers – February ...................................................................................................................... 4
2020 Acquisitions & Mergers – March........................................................................................................................... 6
2020 Acquisitions & Mergers – April ............................................................................................................................. 8
2020 Acquisitions & Mergers – May ............................................................................................................................ 11
2020 Acquisitions & Mergers – June ............................................................................................................................ 14
2020 Acquisitions & Mergers – July ............................................................................................................................. 15
2020 Acquisitions & Mergers – August ....................................................................................................................... 16
2020 Acquisitions & Mergers – September ................................................................................................................. 18
2020 Acquisitions & Mergers – October ...................................................................................................................... 19
2020 Acquisitions & Mergers – November ................................................................................................................. 20
2020 Acquisitions & Mergers – December .................................................................................................................. 22

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2020 Acquisitions & Mergers – January

HDFC gets requisite approval to hold a 51.2% stake in Apollo Munich Health Insurance Company
HDFC (Housing Development Financial Corporation) has received its requisite approvals from
Competition Commission of India (CCI), Reserve Bank of India (RBI) and Insurance Regulatory and
Development Authority of India (IRDAI) to acquire 51.2% stake in Apollo Munich Health Insurance
Company from Apollo Hospitals Enterprise Limited (AHEL) and other shareholders. After the
acquisition, Apollo Munich will be merged with and into HDFC Ergo, subject to approval from the
Mumbai bench of National Company Law Tribunal. IRDAI granted the approval under Section 6A of the
Insurance Act, 1938. The total value of the deal is Rs. 1,347 crore.
Mastercard acquires RiskRecon to strengthen its cybersecurity front

Mastercard, a leading global payments & technology company has acquired RiskRecon Inc, a leading
third-party cyber risk solutions provider, to protect its cyber systems & infrastructure. The acquisition
has been finalized for an undisclosed sum & is expected to be completed by early 2020. Under the deal,
RiskRecon will further promote Mastercard’s suite of cyber solutions designed to help financial
institutions, merchants & governments secure their digital assets.
Flipkart former CEO Sachin Bansal acquires DHFL General Insurance for Rs 100 crore
Former CEO (Chief Executive Officer) and co-founder of Flipkart Sachin Bansal has acquired DHFL
(Dewan Housing Finance Corporation Limited) General Insurance, Mumbai, Maharashtra from Wadhan
Group Capital (WGC) for around Rs.100 crore. WGC is the parent company of crisis-hit DHFL which has
been recently admitted for bankruptcy.The deal has been done via Navi Technologies for Rs.100 crore
formerly known as BAC Acquisitions Private Limited (BACQ) which Sachin Bansal has founded along
with IIT (Indian Institute of Technology) -Delhi batchmate Ankit Agarwal after selling his stake in
Flipkart.
Digital payment firm PayU India acquires Paysense for $185 mn

PayU India, a fintech company that provides payment technology to online merchants, has acquired
digital credit startup PaySense at an equity valuation of about $185 million (mn). After the acquisition,
PayU is also decided to merge its lending business Lazypay with PaySense.Also, Prashanth
Ranganathan, the founder and CEO of PaySense, will head PayU’s credit business in India as the CEO of
the new venture.
HDFC acquired Apollo Munich Health Insurance for Rs 1,495.81 crore; named as HDFC ERGO
Health Insurance Ltd
HDFC has completed the acquisition of majority stake in Apollo Munich Health Insurance for
Rs.1,495.81 crore, after approvals from the Competition Commission of India (CII), the Reserve Bank of
India (RBI) and the Insurance Regulatory and Development Authority of India (IRDAI). Now, Apollo
Munich Health Insurance company renamed as HDFC ERGO Health Insurance Ltd (HDFC ERGO Health)
and will operate as a subsidiary of HDFC.
Equifax inks pact to acquire 100 % stake in its Indian JV- Equifax credit information services for Rs 370
crore
Equifax Inc, a global information solutions company has signed a definitive agreement to acquire 100 %
stake in its Indian Credit information company, Equifax Credit Information Services Private Ltd (ECIS)
for Rs 370 crore. ECIS has worked as a joint venture (JV) between Equifax and leading Indian financial
institutions (FI) namely State Bank of India (SBI-7.41% stake), Bank of India (BOI-3.50 % stake), Kotak
Mahindra Prime Limited (5.56% stake), Union Bank of India (UBI-4.17% stake) and Bank of

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Baroda(BoB), Sundaram Finance Limited (10% each) since the year 2010. Following this deal, now all
the partners will exit from ECIS.
Food delivery startup Zomato acquires Uber Eats in all-stocks deal for $350 mn
Zomato, an Indian restaurant aggregator and food delivery startup has acquired Uber’s food delivery
business in India, Uber Eats in an all-stocks deal valued at about $350 million (Rs 2,485 crore). As a part
of the deal, Uber will now hold only 9.99 % shares of Zomato & UberEats will discontinue operations
and direct restaurants, delivery partners. Further, all of Uber Eats’ customers will be directed to Zomato
platform.
Adani group’s NBFC Adani Capital acquired Essel Finance’s MSME loan business
Non-Banking Financial Company (NBFC) of the Adani group, Adani Capital Pvt. Ltd has acquired Essel
Finance’s MSME (Ministry of Micro, Small and Medium Enterprises) loan business. The business has a
loan book of Rs 145 crore approximately. As on December 31, 2019, the overall lending book of Adani
capital and the housing finance business was Rs1,100 crore where the contributed Rs150 crore.
2020 Acquisitions & Mergers – February

India’s top refiner IOC acquires minority stake in Israeli battery developer Phinergy
Indian Oil Corporation Limited-IOC (commonly known as IndianOil), an Indian government owned oil
and gas company, has acquired a minority stake in Phinergy Ltd, an Israeli start-up company
specializing in battery development with the aim to make ultra lightweight metal-air batteries that can
be used in electric vehicles (EVs). Both firms also decided to adopt this technology in 3Ws, cars & buses
in future as well.
Cognizant Tech Acquires EI Technologies and Code Zero Consulting Companies

Cognizant technology solution corporation has made two strategic acquisitions EI technologies, a Paris-
based digital technology consulting company and Code Zero, Georgia-based consultancy for cloud-
based CPQ (Configure-Price-Quote) & Billing Solutions for the development of global salesforce practice
before its fourth Quarter Earnings. Code zero company provides cloud-based configure-price-quote and
billing solutions.
Energy major Total to acquire 50% in Adani’s solar portfolio for $510 mn
French energy major Total Gas & Power Business Services SAS (TOTAL) will acquire 50% stake in all
operational renewable energy projects of Adani Green Energy Ltd. (AGEL) for $510 million (Rs 3633
crore) along with other tools in a solar energy joint venture (JV) that will house 2,148 mw now
possessed by the Adani group firm.The remaining 50 % in the JV will be held by AGEL.
DoT okays merger of Bharti Airtel, Tata Teleservices

The Department of Telecommunications (DoT), a department of the Ministry of Communications has
approved the merger of consumer mobile operations of the Tata group –Tata Teleservices
(Maharashtra) with Bharti Airtel Limited (also known as Airtel). The merger will expand Airtel’s
spectrum footprint and 4G (4th Generation) coverage and its ability.
Emami Group Signs Binding Pact with Nuvoco Vistas for selling of its 100% stake in Emami
Cement
Emami Group announced the selling of its 100% equity stake in Emami Cement Limited, an Integrated
Cement Manufacturing plant for an amount of Rs. 5500 crores to Nuvoco Vistas Corporation limited,
part of Nirma Group. The main objective of the deal is to become Debt-Free. Emami Cement has a debt

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of Rs. 2,000-2,200 crores and loan against shares of Rs. 1,000 crores. After accruing Emami cements,
Nuvoco will become one of the leading companies in India, especially in Eastern Region. The transaction
is expected to be approved by the Competition Commission of India (CCI) in 3-4 months.
Cipla acquires 4 key brands from Wanbury for up to Rs 88.60 crore

Cipla pharmaceutical company in Mumbai, Maharashtra has acquired 4 brands from Wanbury
pharmaceutical company of Navi Mumbai, Maharashtra. Wanbury had received up to Rs.88.60
crore for the sale of the brands to Cipla. The 4 brands acquired by cipla are CPink, CDense, Productive
and Folinine. This has been done to strengthen Cipla’s presence in the women’s health segment.
CCI approved joint venture between Mahindra & Mahindra and Ford Motor
The Competition Commission of India (CCI) approved the Joint Venture (JV) between Mahindra &
Mahindra and Ford Motor and transfer of automotive business of Ford India to JV. The proposed
combination envisages the formation of joint venture, called Ardour Automotive Private Limited,
between Mahindra & Mahindra (51%) (M&M) & Ford Motor (49%). In October 2019, Mahindra &
Mahindra and the US-based Ford Motor Company had signed an agreement to create a JV in India
valued at $275 million (Rs 1,925 crore).
Adani Transmission sold 25.1% stake in arm AEML to QIA for Rs 3,220 crore
Adani Transmission has sold 25.1% stake in its arm Adani Electricity Mumbai Limited (AEML)
to Qatar Investment Authority (QIA) for approximately Rs. 3220 crore. The agreements of the
transactions were signed on December 11, 2019. AEML has recently completed an investment grade,
USD (United States Dollar) 1 billion bond insurance.
NCLAT clears JSW Steel’s acquisition of Bhushan power for Rs 19,700 cr

The National Company Law Appellate Tribunal (NCLAT) has approved JSW Steel’s (formerly known
as Jindal South West) bid of Rs 19,700 crore for the acquisition of the bankrupt Bhushan Power and
Steel Ltd (BPSL). Also, EBITDA (earnings before interest, tax, depreciation and amortization) earned
by BPSL during its Corporate Insolvency resolution process will also be handed over to JSW Steel.
However, the lawsuits filed by the Enforcement Directorate (ED) under the Prevention of Money
Laundering Act, 2002 may continue against Bhushan Power’s former promoters.
CCI approves acquisition of WABCO Holdings by ZF Friedrichshafen AG

Under Section 31(1) of the Competition Act, 2002, the Competition Commission of India (CCI) has
approved for the acquisition of WABCO (Westinghouse Air Brake Company) Holdings Inc.
by ZF (“Zahnradfabrik” which means Gear Factory) Friedrichshafen AG (Automotive industry in
Germany), As per the agreement, ZF will acquire 100% shares of WABCO for USD 136.50 per share
under all-cash transaction method for a total equity value of USD 7 billion (approximately Rs. 50,391
crores). ZF proposed the transaction to CCI under Regulation 25 (1A) of the Competition Commission of
India (Procedure regarding to the transaction of business relating to combinations) Regulations, 2011.
Twitter acquired Chroma Labs founded by Facebook veterans

Twitter has acquired California-based Chromo Labs for an undisclosed amount. Chromo Labs develop
tools for short-form video & photo creation and was founded by 7 Facebook and instagram workers in
2018. The Chroma Stories app let users fill in stylish layout templates and frames for posting collages
and Instagram stories, Snapchat etc. In 2019, Chroma Labs has enabled creators and businesses around
the world to create millions of stories with the Chroma stories app.

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GOVT approves merger of Indus Towers with Bharti Infratel
The Department of Telecommunication (DoT) of India has given Foreign Direct Investment (FDI)
approval for the merger of India’s largest mobile tower company Indus Towers with Bharti Infratel.
After the merger, the new Entity will become the world’s second largest Tower Company after China
tower Corporation Ltd in Beijing, China. Bharti Infratel the tower infrastructure arm of Bharti Airtel has
own 42% stake in Indus Towers and the United Kingdom based Vodafone holds 42%, Vodafone Idea
holds 11.15% and remaining 4.85% by a private equity firm.
CCI approves NTPC to acquire 100% of the issued & paid-up share capital of NEEPCO & 74.5%
stake of THDC India
The Competition commision of India(CCI) has given approval to state owned NTPC under Section
31(1)of the competition act,2002 to acquire 100% of the issued and paid-up share capital of North
Eastern Electric Power Corporation (NEEPCO) & 74.5% stake of Tehri Hydro development Corporation
limited (THDC), the rest 25.5% stake to be held by Uttar Pradesh government. NTPC will spend close to
Rs 15,000 crore to buy NEEPCO & THDC.
Crisil completed acquisition of 100% stake in Greenwich Associates

Rating Agency Crisil completed the acquisition of 100% stake in Greenwich Associates. The
transaction was announced on December 19, 2019. Greenwich is a leading provider of proprietary
benchmarking data, analytics and qualitative insights to financial services firms worldwide.
ONGC & HPCL acquires 34.56 % of bankers’ stake in Petronet MHB for Rs 371 crore
State-owned Oil and Natural Gas Corporation (ONGC) and its subsidiary Hindustan Petroleum
Corporation Limited (HPCL) acquired 17.28% stake each from 34.56 % of bankers’ stake in Petronet
MHB, the firm that owns a petroleum product pipeline in Mangalore, Karnataka for about Rs 371 crore.
A consortium of 8 public sector banks held 34.56 % while HPCL and its subsidiary ONGC (Oil and
Natural Gas Corporation) presently hold 32.72% stake each in PMHBL. The acquisition is expected to be
completed by March 31, 2020.
2020 Acquisitions & Mergers – March

NBCC gets NCLT approval to acquire Jaypee Infratech
The National Company Law Tribunal (NCLT) has approved the acquisition of debt-ridden Jaypee
Infratech Ltd (JIL) by NBCC (India) Limited (formerly National Buildings Construction Corporation
Limited). The Principal Bench headed by Acting President B S V Prakash Kumar approved the
resolution plan submitted by NBCC. With this approval, NBCC will complete the construction of 20,000
unfinished flats of JayPee in the next three and a half years.
Zomato acquires UberEats India for $206 million

According to the Uber’s recent regulatory filings, Zomato, an Indian restaurant aggregator and food
delivery startup has acquired Uber’s food delivery business in India, Uber Eats for $206 million, where
the investment was priced at $171 million, the balance $35 million was received as a reimbursement of
goods and services tax (GST) receivable from Zomato.
Highlights of CCI approvals on March 11, 2020

Competition Commission of India (CCI), a statutory body of the Government of India has approved the
following proposals on March 11, 2020. The approvals are:
 The CCI has gave its nod to the acquisition of about 35 % equity stake in the paid-up equity
share capital of Teesta Urja Ltd (an Indian Non-Government Company) by Greenko Mauritius, a

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wholly-owned subsidiary of Mauritius-based Greenko Energy Holdings. The approval was given
under Section 31(1) of the Competition Act, 2002.
 The CCI has gave its nod to the acquisition of additional equity shares in Hero FinCorp Limited
by Otter Limited (an investment company registered in Mauritius) & Link Investment Trust(a
private trust registered in India).
 The CCI has approved to establish Mindspace Business Parks REIT (also known as Mindspace
REIT),a real estate investment trust, by K Raheja Corp Group.
Bharti Airtel took 10% stake in fitness start-up Spectacom Global ltd
Bharti Airtel Limited (also known as Airtel), an Indian global telecommunications services company,
has acquired a 10 % equity stake in fitness start-up Spectacom Global Pvt Ltd, under its ‘Airtel
Startup Accelerator Program’, which focuses on supporting the growth of early-stage Indian startups.
However, the company did not reveal how much the deal is worth. With this acquisition, Spectacom
becomes the 2nd firm to join the Airtel Start-up Accelerator Program after Bengaluru-based Vahan.
SBI acquired 6.825% stake of Zero Mass Private Limited

State Bank of India (SBI) has entered into an agreement on 16 March 2020 to acquire 6.825% (6, 825
equity share) stake in Zero Mass. As part of the deal, SBI has sold its entire stake in A Little World to the
Zero Mass. This is a no cash deal. The Deal will be completed by March 31, 2020. Zero Mass Pvt Ltd was
founded by Anurag Gupta on 2007, which is the 1st ever Business Correspondent in the country.
Ashok Leyland to acquire 19% additional stake in HLFL for Rs 1,200 cr

Indian Automobile company Ashok Leyland Ltd (ALL) has decided to acquire up to 19% additional
equity shares in Hinduja Leyland Finance Ltd (HLFL), the Non-Banking Finance Company (NBFC) part
of Hinduja group, from the existing shareholders, in tranches, for a consideration of up to Rs1,200 crore.
ALL also signed an additional share purchase agreement with Everfin Holding to acquire 3,28,14,401
equity shares (comprising 7% in the paid-up share capital of HLFL) for Rs 390.94 crore.
NTPC acquires Govt’s stake in THDC, NEEPCO for a total of Rs 11,500 Crore
NTPC (formerly known as National Thermal Power Corporation Limited), India’s largest energy
conglomerate, has inked a share purchase agreement (SPAs) worth of Rs 11,500 crore with the central
government. Under the deal NTPC acquired the latter’s 74.496 % equity stake in THDC India Ltd
(THDCIL) for Rs 7,500 crore & its 100% equity in North-Eastern Electric Power Corporation Limited
(NEEPCO) for Rs 4,000 crore respectively.
Chennai Port acquires centre’s 67% stake in Kamarajar Port for 2,383 crores
The Chennai Port Trust (ChPT) has acquired 67% stake held by the Central government in Kamarajar
Port Ltd (KPL) for an amount of Rs 2,383 crore. However, both the ports will function as separate
entities representing KPL as corporate firm & ChPT as trust, while deriving benefits in terms of
investments and operations.

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2020 Acquisitions & Mergers – April

IAG sold its 26% stake in SBI General Insurance for $310 mn
Insurance Australia General (IAG) has sold its entire 26% stake in the SBI (State Bank of India) General
Insurance Co Ltd for USD 310 million (about Rs 2,325 crore) to Napean Opportunities LLP (an affiliate of
Premji invest) – 16.01% stake and WP Honey Wheat Investment Ltd (Warburg Pincus Group) – 9.99%
stake. SBI is the largest stake holder of SBI General Insurance with 70% stake.
HDFC Trustee company acquires 5.45% stake in SpiceJet

HDFC Trustee Company Ltd, a wholly-owned subsidiary of Housing Development Finance Corporation
Limited (HDFC), has acquired 3.4 crore shares or 5.45% stake in Indian low-cost airline SpiceJet.
Hindustan Unilever completes its merger with GSKCH India

Hindustan Unilever (HUL), India’s largest fast-moving consumer goods (FMCG) company, has completed
the merger of Glaxo SmithKline Consumer Healthcare Limited (GSKCH India) with itself. Apart from this
merger, HUL has also acquired the famous health drink brand Horlicks for India from GSK for an amount
of 375.6 mln Euro (Rs. 3045 Crore).
CCI approves Joint Venture between Adani Green Energy Limited and Total S.A
The Competition Commission of India (CCI) has approved the formation of Joint Venture (JV) between
Adani Green Energy Limited and French oil and gas company Total S.A. for solar power generation in
India. The proposed combination predicts that Adani Green Energy will transfer certain of its subsidiaries
to a newly incorporated company (JV) & then the total S.A. will acquire 50% of JV’s equity share capital,
either directly or indirectly.
Trishikhar ventures acquisition of 18.95 % stake in Religare health insurance gets CCI nod
The Commission of India (CCI), a non-departmental public body responsible for investigating mergers,
has approved the acquisition of 18.951 % equity stake in Religare Health Insurance Company Limited
(RHICL) by Trishikhar Ventures LLP under the green channel route. The approval was done under the
sub-section (2) of Section 6 of the Competition Act, 2002 (Act) read with regulation 5A of the Competition
Commission of India, Regulations, 2011.
CCI approves Hitachi’s acquisition of 80.1% stake in ABB’s power grid business
The Competition Commission of India (CCI) approved the proposed acquisition of 80.1% share capital of
ABB Management Holding AG by Japanese firm Hitachi Limited from Swiss company ABB Ltd, where ABB
Management will hold the entire power grid business of ABB. The acquisition values its grid business at
$11 billion (Rs 78,763 crore).
CCI approves 100% acquisition of GMR Kamalanga Energy Limited by JSW Energy Limited
The Competition Commission of India (CCI) has approved 100% acquisition of Grandhi Mallikarjuna Rao
(GMR) Kamalanga Energy Limited (Ltd) by Jindal South West (JSW) Energy Ltd under section 31(1) of
the Competition Act, 2002.
IndiGrid to acquire Gurgaon-Palwal Transmission Limited

The Board of the Investment Management of IndiGrid, India’s first Infrastructure Investment Trust
(InvIT) in the power sector, has approved the acquisition of Gurgaon-Palwal Transmission Limited
(GPTL), Sterlite power with a value of Rs 1,080 crore.

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Apple acquires Dark Sky weather app
Apple has acquired the weather app, named Dark Sky, which forecasts hyper-local weather predictions
and ability to minute by minute, its iPhone Operating System (iOS) app which costs USD 3.99 will not be
modified, and the Android and Wear OS app can’t be downloaded anymore. It has also updated its
branding on its website as ‘Dark Sky by Apple’.
China’s central bank increases its stake to 1% in HDFC; SAMA also bought 0.7% stake
China’s central bank named People’s Bank of China (PBOC) increased its stake in Housing Development
Finance Corp Limited (HDFC) to 1.01% from 0.8% on behalf of the Chinese sovereign wealth fund named
SAFE. Similarly, Saudi Arabian Monetary Authority (SAMA), the central bank of Saudi Arabia has also
picked up a 0.7% stake in HDFC on behalf of Saudi sovereign wealth fund.
CCI approves Emerald Sage Investment Ltd’s acquisition of 9.93% stake in Apollo Tyres Ltd
The Competition Commission of India (CCI) approved Emerald Sage Investment Limited (Emerald)’s-
‘acquirer’ proposed acquisition of 9.93% stake in Apollo Tyres Limited (Apollo)- ‘target’, where the
acquirer’s compulsory convertible preferred stock to be 10.80 crore, which is approximately 9.93% of
the post-issued paid-up share capital of the target company.
Novelis Inc. of Hindalco acquired US’s Aleris for $2.8 billion deal
Hindalco Industries Ltd. Of Aditya Birla group has acquired Aleris Corporation through its wholly owned
subsidiary US based Novelis Inc. for an enterprise value of $2.8 billion (Rs 21,295 crores). Hindalco is
now one of the world’s largest aluminium makers.
GP Global acquires lubricants assets of Nigeria’s Grand Petroleum

Gulf Petrochem (GP) Global, a leading energy-to-agriculture conglomerate, announced the acquisition of
the lubricant assets of Grand Petroleum which is part of the Nigerian Conglomerate the Nosak Group, to
expand and strengthen its presence in the African nation and western part of the continent.
ORIX acquires IL&FS’s 100% stake in IWPSL for Rs 6.05 cr

Japanese financial service group, ORIX Corporation has completed its acquisition of 100% stake in IL&FS
Wind Power Services Ltd (IWPSL) the wholly- owned subsidiary of Mumbai based Infrastructure Leasing
and Financial Services (IL&FS) for Rs 6.05 crore. The sale was cleared by NCLT (National Company Law
Tribunal) appointed Justice D K Jain, who oversaw the reconciliation process of the group companies.
TVS motor acquires 122-year-old UK-based firm Norton motorcycles for Rs 153 cr
TVS Motor Company Ltd, an Indian multinational motorcycle company, has acquired the 122-year-old
iconic British company Norton Motorcycle (UK) Ltd for Rs 153 crore (£16 million). TVS has also tied up
with BMW Motorrad i.e. BMW G 310R and BMW G 310 GS are being manufactured at the TVS plant itself.
Along with this, TVS also has its own motorcycle-based platform TVS Apache RR 310.
Eros International & Hollywood’s STX Entertainment to merge all share- 1st of its kind
Indian movie producer and distributor Eros International (holding company of the Lulla’s-promoted Eros
Group) announced an 1st of its kind all-share merger with 6-year-old, privately held Hollywood’s STX
Entertainment to create an equally-held global entertainment company with a value of USD 1 billion.
Volvo & Daimler Truck set up Joint Venture to develop fuel cells for heavy vehicles
Swedish luxury vehicles brand Volvo Group and German automotive corporation Daimler Truck AG have
collaborated to set up a joint venture (JV) with equal partnership for the development and production of
fuel cell systems for heavy vehicles. As a part of JV, Daimler Truck will put all its current fuel cell activities,
and Volvo Group will buy a 50% stake in the venture for around 600 million euros ($652 million).

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Facebook buys 9.99% stake in Reliance Jio, largest FDI in India’s tech sector
The US tech giant Facebook has bought a 9.99% stake in the telecom unit of Reliance Industries Ltd (RIL),
Reliance Jio for $5.7 billion, or Rs 43,574 crore. This is the largest investment for a minority stake by a
technology company anywhere in the world and the largest Foreign Direct Investment (FDI) in the
technology sector in India.
Federal Bank to acquire additional stake of up to 4% in IDBI Federal Life Insurance

The Kerala based Federal Bank’s board has approved its purchase to acquire an additional stake of up to
4% in the equity capital of IDBI Federal Life Insurance Company Limited (IFLIC) from Industrial
Development Bank of India(IDBI) Bank (which has 48% stake in IFLIC), increasing the total shareholding
in the life insurance joint venture to 30% from 26%.
Ashok Leyland acquired 3.36% share in subsidiary Hinduja Leyland Finance

Hinduja Group flagship Ashok Leyland Ltd has acquired 15,796,406 shares of Rs 10 each constituting
3.36 per cent of the equity of its subsidiary Hinduja Leyland Finance Ltd for Rs 187.97 crore. The
acquisition is part of the 6.99 per cent acquisition approved by the Board at the meeting held on March
21, 2020.
Singapore’s Caladium increases stake in Bandhan Bank by 1.1pc to 4.49%

Caladium Investment Pvt Ltd, an affiliate of Singapore’s sovereign wealth fund GIC (Government of
Singapore Investment Corporation), has raised its stake in Indian private sector lender Bandhan Bank
(HQ - Kolkata) by 1.1 percent from 3.39% to 4.49% through secondary market operations. After the
transaction, GIC will now holds 7.2 crore shares of Bandhan Bank.
ICICI Prudential Mutual Fund Bharat-22 ETF picks shares worth Rs.59 crore in NALCO
ICICI Prudential Mutual Fund Bharat-22 ETF picked up share of value Rs.59 Crore in the Navaratna Group
‘A’ CPSE - National Aluminium Company (NALCO – Headquarters at Bhubaneswar) through the open
market transaction. The National Stock Exchange (NSE) said that more than 1.71 crore shares were
bought at an average of Rs.34.43 apiece.
IIFL Wealth acquires the entire holdings of LTCM

IIFL Wealth Management has acquired entire (100%) equity shares of Larsen & Toubro Capital Markets
(LTCM), a wholly-owned subsidiary of L&T Finance Holdings (LTFH) for Rs 230 crores plus available cash
balance of LTCM after receiving requisite regulatory approvals.
HDFC acquires 6.43% stake in Reliance Capital through invocation

HDFC (Housing Development Finance Corporation Ltd.) has acquired a 6.43% stake in debt-trapped
Reliance Capital by invoking pledged shares. In this regard, HDFC has acquired 25.27 crore shares of Rs
10 each i.e. the total value of these shares is Rs 252 crore. The process of selling Pledged shares and
invoking pledged shares is called invocation.
Axis Bank to buy 29% stake in Max Life Insurance for Rs 1,600 crore
Axis Bank Ltd would acquire an additional 29% stake in Max Life Insurance Company from Max Financial
Services Limited (MFS). The deal will increase Axis Bank ‘s stake in Max Life to 30%. However, the bank
didn’t reveal the amount it is paying for the stake. But the bigger deal can be estimated at Rs 1,600 crore
(about $209.43 million) which will be paid in two stages.

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2020 Acquisitions & Mergers – May

Manulife acquired 49% stake in Mahindra AMC for Rs 265 crore
The Singapore arm of Canada based Manulife, Manulife Investment Management (Singapore) Pvt Ltd has
acquired 49% stake in Mahindra & Mahindra Financial Services’ wholly-owned subsidiary Mahindra
Asset Management Company (AMC) for Rs. 265 crore or $35 million. Mahindra Financial Services now
owns the balance 51% stake in its AMC.
Reliance increases its stake to 26.3% in US-based tech company SkyTran

Reliance Strategic Business Ventures Limited (RSBVL), a wholly-owned subsidiary of Mukesh Ambani-
led Reliance Industries Limited (RIL), has increased its stake to 26.3% on a fully diluted basis in US-based
SkyTran INC, a venture-funded technology company which develops modern transport modes including
personal rapid transit system.
CCI approves BP Global’s proposed 49% acquisition of Reliance BP Mobility Limited

The New Delhi Headquartered Competition Commission of India (CCI) approved the acquisition of 49%
of the fully diluted paid-up equity share capital and voting rights in Reliance BP Mobility Limited (RBPML)
by BP Global Investments Limited (BP Global) under Section 31(1) of the Competition Act, 2002.
CCI approves proposed acquisition of 100% shares and control of Tech Data Corporation by
Tiger Midco LLC
The Competition Commission of India (CCI) approved the proposed acquisition of 100% shares and
control of Tech Data Corporation by Tiger Midco LLC. In this regard, Tech Data Corporation (Tech Data)
will be acquired by Tiger Midco LLC (Tiger Midco) by way of merger of Tech Data with a wholly owned
subsidiary of Tiger Midco, viz., Merger Sub.
CCI approves the acquisition of less than 5% shareholding in Intas Pharmaceuticals Ltd by
Canary Investments and Link Investment Trust II
The Competition Commission of India (CCI) approves the acquisition of less than 5% shareholding in
Intas Pharmaceuticals Limited by Canary Investments Limited (Canary) and Link Investment Trust II
(Link II), under Section 31(1) of the Competition Act, 2002.
KPTL completes sale of 100 percent stake in Kalpataru Satpura Transco to CLP India
The Kalpataru Power Transmission Limited (KPTL) announced the successful completion of the sale of
the entire stake in Kalpataru Satpura Transco Private Limited (KSTPL) to CLP India Private Limited of
CLP groups, one of Asia’s largest investor-owned power business and from November 20, 2019, KSTPL
ceased to be a subsidiary of the company.
US private equity firm Silver Lake buys 1.15% stake in Reliance Jio platforms for Rs 5655.75 cr
US based private equity company Silver Lake partners has bought a 1.15% stake in Jio Platforms Limited,
a wholly-owned subsidiary of Reliance Industries Limited (RIL) for Rs 5,655.75 crore ($750 million), days
after Facebook bought a 9.99 % stake in Reliance Jio for Rs 43,574 crore ($ 5.7 billion).
Polycab India acquired 50% stake in Ryker from Singapore-based Trafigura

Polycab India Limited (PIL) has signed an agreement with Trafigura Pte Ltd, Singapore to acquire 50%
stake in Gujarat based Ryker Base Private Limited (RBPL) thereby terminating the existing joint venture
(JV). In this regard, PIL has acquired 2,60,10,000 (i.e. balance 50% equity shares) shares held by Trafigura
in Ryker Base. The purchase consideration is likely to be around the US $ 4 Million (Rs 300 million).

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US-based Vista Equity Partners to buy 2.32% stake in Jio Platforms for Rs 11,367 crore
The US-based private equity firm Vista Equity Partners to buy 2.32% stake in Reliance’s Jio Platforms, for
Rs 11,367 crore which will make Vista the largest investor in Jio Platforms after Reliance Industries and
Facebook. After this investment, Jio platforms will have an equity value of Rs 4.91 lakh crore and an
enterprise value of Rs 5.16 lakh crore.
74% stake of SeQuent bought by Carlyle for Rs 1,587 crore

The Carlyle Group, a United States (US) based private equity firm acquired 74% stake in SeQuent
Scientific Limited, the largest animal healthcare company from India for Rs.1,587 crore ($210 million)
for Rs.86 apiece.
Britain’s GlaxoSmithKline sells 5.7 % stake in Hindustan Unilever for $3.35 billion
UK based pharmaceutical company GlaxoSmithKline plc (GSK), has sold its 5.7 % stake in Indian FMCG
(Fast-Moving Consumer Goods) company Hindustan Unilever Limited (HUL) for $3.35 billion (about
254.8 billion rupees) in the stock market through a largest ever block deal. However, the names of the
buyers could not be immediately ascertained. Also, France based Societe Generale S.A multinational
investment company, has acquired 1.29 crore shares in Hindustan Unilever Limited (HUL) worth of Rs
2,453.58 crore through bulk deals from GlaxoSmithKline Pte.
Godrej consumer products arm picks balance 25% stake in Kenya’s Canon Chemicals
Godrej East Africa Holdings Ltd, a subsidiary of FMCG (Fast-moving consumer goods) firm Godrej
Consumer Products Ltd (GCPL), has acquired the balance 25% stake in Kenya-based Canon Chemicals
Ltd for an undisclosed sum. Earlier, the Godrej group has acquired 75 % stake in Canon for an undisclosed
sum in 2016.
General Atlantic buys 1.34% stake in Jio platforms for Rs 6,598.38 crores
Reliance Industries Limited announced the sale of 1.34% stake in its digital services subsidiary, Jio
Platforms to General Atlantic for Rs 6,598.38 crores. After this investment Jio Platforms will have an
equity value of Rs 4.91 trillion and an enterprise value of Rs 5.16 trillion. Earlier, Facebook has bought
9.99%, Silver lake bought 1.15% and Vista equity partners bought 2.32% stake in Jio platforms.
Accenture acquires start-up Byte Prophecy to deliver AI solutions to enterprises

Irish based multinational professional services company; Accenture has acquired Ahmedabad based AI
(Artificial Intelligence) start-up Byte Prophecy for an undisclosed sum.
Tata Power International Pte Ltd acquires 10% stake in Adjaristsqali Netherlands BV
Tata Power announced that its subsidiary Tata Power International Pte Ltd (TPIPL) has acquired a 10%
stake in Adjaristsqali Netherlands BV (ABV) from the International Finance Corporation (IFC) for USD
150,000 (about Rs 1.13 crore). The agreement is signed among TPIPL, ABV, and the IFC. The acquisition
is done as per the provisions of the shareholder agreement.
IRDAI approves Union Bank to continue with its 30% holding in India First Life Insurance
Hyderabad based Insurance Regulatory and Development Authority of India (IRDAI) has approved the
proposal of the Mumbai headquartered Public Sector Bank Union Bank of India-UBI (which holds 25.1%
stake in Star Union Dai-Chi Life) to continue with its 30% holding in India First Life Insurance.
KKR buys 2.32% in Jio Platforms for Rs 11,367 crores

Reliance Industries Limited (RIL) announced the sale of a 2.32 % stake in its digital unit, Jio Platforms to
US private equity giant KKR for Rs 11,367 crores, which is the 5th deal of Jio since 22 April that will inject

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Rs 78,562 crores in RIL to cut debt. After this transaction, Jio Platforms will have an equity value of Rs
4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.
Previous deals done by Jio:
Date Name of the Company Stake % Amount in crores
April 22 Facebook 9.99% Rs 43,574
May 4 Silver Lake 1.15% Rs 5,665.75
May 8 Vista Equity Partners 2.32% Rs 11,367
May 17 General Atlantic 1.34% Rs 6,598.38
Airtel acquires 10% stakes in conversational AI start-up Voicezen

Bharti Airtel acquired a10% strategic stake in Voicezen, a Gurugram based start-up in early stage focused
on conversational AI technologies under the fast expanding Airtel Start-up Accelerator Program as a part
of its strategy to deliver highly differentiated service experience.
CCI approves 100% acquisition of Emami Cement by Nuvoco Vistas Corporation Limited
The Competition Commission of India (CCI) has approved 100% acquisition of the total issued and paid
up share capital of Emami Cement Limited (ECL)on a fully diluted basis, by Nuvoco Vistas Corporation
Limited (NVCL) for an enterprise value of Rs 5,500 crore.
Ola Electric acquires AppScooter maker Etergo, to launch 2-wheeler EV in India in 2021
Ola Electric acquired the Netherlands-based Etergo BV, an innovative electric scooter company for an
undisclosed sum, as the former has planned to set its own line of premium electric two-wheelers, both
globally and nationally. Etergo BV has developed an all-electric state-of-the-art AppScooter, which has
won multiple awards across the world for its innovative design and engineering. In 2019, Ola electric
gained the unicorn status (privately held startup company valued at over $1 billion).
NCLT gives nod to sell IL&FS’s 50% stake in GIFTCL to Gujarat government
The principal bench of National Company Law Tribunal (NCLT) has given its nod to sell 50% stake in
Gujarat International Finance Tec-City Co Ltd (GIFTCL) held by crisis hit Infrastructure Leasing and
Financial Services (IL&FS) to the Gujarat state government.
ITC to acquire 100% equity of Sunrise Foods by share purchase agreement

Kolkata based FMCG company, ITC Limited entered into a Share Purchase Agreement (SPA) to acquire
100% of the equity share capital of Sunrise Foods Private Ltd (SFPL), which is primarily engaged in
spices under the trademark ‘Sunrise’.
RITES signed pact to acquire 24% stake in Indian Railway Station Development Corporation
Infrastructure consultancy and engineering company RITES (Rail India Technical and Economic
Service) has signed an agreement for acquiring 24% stake in Indian Railway Stations Development
Corporation (IRSDC) for Rs 48 crore. IRSDC, a joint venture of Rail Land Development Authority (RLDA)
and IRCON International is tasked with redeveloping railway stations across the country.

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2020 Acquisitions & Mergers – June

YES Bank picks 24.19% stake in Dish TV by invoking pledged shares
The Mumbai based Private sector lender Yes Bank has acquired a 24.19% stake in Dish TV India Ltd, a
company providing Direct to Home (DTH) television service in India, following invocation of 44.53 crore
pledged shares due to default in payment of debt by Dish TV and some other companies. This is the 6th
such transaction done by Yes Bank to pick majority stake in a non-banking entity.
Tata Power acquires 51% stake in Odisha’s TPCODL for Rs 178.5 cr

Tata Power Limited has acquired 51% stake in TP Central Odisha Distribution Ltd (TPCODL), a wholly-
owned subsidiary of Grid Corporation of Odisha (GRIDCO), for a consideration of Rs. 178.5 crore. The
remaining 49% stake in TPCODL will be held by GRIDCO.
Abu Dhabi’s Mubadala to buy 1.85% stake in Jio Platforms for Rs 9,093.6 crore
The Abu Dhabi-based sovereign investor, Mubadala is all set to buy 1.85% stake in jio Platforms, a wholly-
owned subsidiary of Reliance Industries (RIL), for Rs 9,093.60 crore. With this investment, the platform
has raised Rs 87,655.35 crore from leading global technology and growth investors including Facebook,
Silver Lake, Vista Equity Partners, General Atlantic, KKR and Mubadala in less than 6 weeks.
CCI gives nod to Peugeot and Fiat Chrysler Automobiles merger

Competition Commission of India (CCI) has given its approval to the proposed merger between French
car maker Peugeot S.A (PSA) and Fiat Chrysler Automobiles N.V (FCA), an Italian-American multinational
corporation and is the world’s eighth largest auto maker.
US private equity firm Silver lake to invest ₹4,546.80 cr for 0.93% additional stake in Jio
platforms
The US (United States) based private equity company Silver Lake partners announced an investment of
Rs 4,546.80 crore for an additional 0.93 % stake in Jio Platforms, a subsidiary of Asia’s richest man
Mukesh Ambani-controlled Reliance Industries Ltd (RIL). It is to be noted that, earlier on May 04, 2020,
Silver Lake had invested Rs 5,655.75 crore ($750 million) for a 1.15 % stake. The total share of Silver
Lake in Jio platforms now reached to 2.08% stake.
Bharti International (Singapore) buys additional 6.3% stake in Robi Axiata from NTT Docomo
Bharti Airtel’s wholly-owned subsidiary, Bharti International (Singapore) Pte. Ltd., (BISPL) directly and
through its affiliate entities, has acquired an additional 6.3% stake in Robi Axiata Limited, Bangladesh
from Nippon Telegraph and Telephone Corporation (NTT) Do Communications over the Mobile network
(Docomo) Inc and its group entities for an undisclosed sum. This all-cash deal will raise the BISPL’s stake
in Robi Axiata to 31.3% from 25%.
Abu Dhabi Investment Authority invests Rs 5,683.50 cr for 1.16% stake in Jio Platforms
Abu Dhabi Investment Authority (ADIA), one of the world’s biggest sovereign wealth funds, has
invested Rs 5,683.50 crore for a 1.16 % stake in Jio platforms, a subsidiary of Asia’s richest man Mukesh
Ambani-controlled Reliance Industries Ltd (RIL).
TPG, L Catterton bought 1.32% stake in Jio Platforms for Rs 6441.3 crore
The United States (US) based private equity firms TPG Capital and L Catterton have become the 8th and
9th investors respectively in the Jio Platforms, as the latter has sold 0.93% stake to TPG for Rs 4,546.80
crore and 0.39% stake sold to L Catterton for Rs 1,894.50 crore. With the 10 investments till now parent
Reliance Industries has sold 22.38% stake in Jio for Rs 104,326.95 crore.

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CCI Approves Acquisition by MacRitchie in 91Streets, Ascent and API
The New Delhi based Competition Commission of India (CCI) approves acquisition by MacRitchie
Investments Pte. Ltd. (MacRitchie) in 91Streets Media Technologies Private Limited (91Streets), Ascent
Health and Wellness Solutions Private Limited (Ascent) and API Holdings Private Limited (API) under
section 31 (1) of the competition Act, 2002.
Saudi Arabia’s Public Investment Fund Buys 2.32% Stake in Jio Platforms for Rs 11,367 Crores
Reliance Industries Limited (RIL)’s Jio Platforms stepped into 11th deal with Saudi Arabia’s Public
Investment Fund (PIF), who bought 2.32% stake in Jio Platforms for Rs 11,367 crores. With this
investment, Jio Platforms has raised Rs. 1.15 lakh crores (approx.) from leading global investors since
April 22, which is the largest continuous fund raised by a company in the world.
CCI approves acquisition of Metso Oyj’s minerals business by Outotec Oyj

The Competition Commission of India (CCI) approved the acquisition of Metso Oyj’s (Metso) minerals
business by Outotec Oyj (Outotec) under section 31(1) of the Competition Act, 2002.
Adani Power to Acquire US-based AES Corporation’s 49% Equity Stake in Odisha Power
Generation Corporation for USD 135 million
Adani Power Ltd (APL) has signed an agreement to acquire the 49% of stake in Odisha Power Generation
Corporation (OPGC) from the affiliates of the US-based global energy company, AES Corporation for USD
135 million (around Rs 1,019 crore). The remaining 51% stake in OPGC is held by the Government of
Odisha.
2020 Acquisitions & Mergers – July

US-based Carlyle Group to Acquire 25% Stake in Nxtra Data For $235 mn
The US based private equity company Carlyle Group has decided to acquire about 25% stake in India’s
second largest telecom company Bharti Airtel’s data centre business –Nxtra Data Ltd– for $235 million
(about ₹1,780 crore) through a company called Comfort Investments II, which is an affiliated entity of
CAP V Mauritius Ltd., an investment fund managed and advised by affiliated firms of the Carlyle.
Intel Capital to buy 0.39% stake in Jio Platforms for Rs 1,894.50 crore
US based Electronic chip maker Intel’s investment arm, Intel Capital to buy 0.39% stake in Reliance
Industries Limited (RIL)’s Jio Platforms for Rs 1,894.50 crore. This is the 12th deal of Jio Platforms. With
this investment, Jio Platforms has raised Rs 1,17,588.45 crore from global investors since April 22.
KKR to Buy 54% Stake in JB Chemicals for about Rs 3,100 crore

US private equity giant KKR has agreed to acquire a 54% stake in Mumbai-based drug manufacturer JB
Chemicals & Pharmaceuticals for approximately Rs 3100 crore. KKR will make the investment through
its subsidiaries, Tau Investments Holdings Pte. Ltd., Tau Holdco Pte. Ltd., and KKR Asia III Fund
Investments Pte.
Payments Platform Paytm to Acquire Raheja QBE General Insurance For $76 million
Indian e-commerce payment system Paytm & QorQl Pvt. Ltd, a Healthcare start-up company with
majority shareholding of Paytm founder Vijay Shekhar Sharma, is set to acquire Mumbai-based private
sector general insurer Raheja QBE General Insurance Company Limited in a deal worth around $76
million.

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CCI approves Proposed Combination Involving Eros Plc, STX and Marco
The Competition Commission of India (CCI) has approved the proposed combination which involves Eros
International Plc (Eros Plc), STX Filmworks Inc (STX) and Marco Alliance Limited (Marco).
CCI approves Kubota’s 9.09% Acquisition of Escorts and Escorts’ 40% Acquisition by KAI
The Competition Commission of India (CCI) approved the acquisition of 9.09% equity stake in Escorts
Limited (Escorts) by Kubota Corporation (Kubota) and of 40% in Kubota Agricultural Machinery India
Private Limited (KAI) by Escorts under Section 31(1) of the Competition Act, 2002.
Qualcomm Ventures buys 0.15% stake in Jio Platforms for Rs 730 crore
US-based Qualcomm Ventures, the investment arm of chipmaker Qualcomm Incorporated to invest up to
Rs 730 crore in Reliance Industries Limited (RIL)’s Jio Platforms for 0.15% stake. With this investment
Jio Platforms has raised a total of Rs 1,18,318.45 crore by selling 25.24% of stake in Jio (till July 14, 2020).
The RIL now holds 74.76% stake in Jio Platforms.
Google to Buy 7.73% Stake in Jio Platforms for Rs 33,737 Crores

Alphabet Inc’s Google to buy 7.73% stake in Reliance Industries Limited (RIL)’s Jio Platforms for Rs
33,737 crores. For this purpose, they have signed a binding partnership and an investment agreement.
With this, Jio Platforms has raised a total of Rs 1,52,056 crore. With this deal, RIL holds 67.03% stake in
Jio Platforms, while other investors hold 32.97% stake.
CCI Approved Acquisition of up to 58.92% Stake in HealthCare Global Enterprises Limited by

Aceso
The Competition Commission of India (CCI) approved acquisition of up to 58.92% stake by Aceso
Company Pte. Ltd. (Aceso) in HealthCare Global Enterprises Limited (HCG), under Section 31(1) of the
Competition Act, 2002.
L&T Tech Services to Acquire 100% Stake in Orchestra Tech for about Rs 187 Crore
L&T Technology Services (LTTS), the engineering services arm of Larsen and Toubro Group, informed
that it will acquire a 100 % stake in Texas-based Orchestra Technology. The acquisition is an all cash deal
of USD 25 million, or about Rs 187 crores.
CCI Approved Acquisition of Krishnapatnam Port Company Limited by Adani Ports and SEZ
Limited
The Competition Commission of India (CCI) has approved the acquisition of Krishnapatnam Port
Company Limited (KPCL) by Adani Ports and Special Economic Zone Limited (APSEZ). The proposed
combination envisages acquisition of equity shareholding and full management control of KPCL by
APSEZ.
2020 Acquisitions & Mergers – August

TATA Capital Growth Fund invests 30 Million USD for 0.85% Stake in Biocon Biologics
Biocon Biologics India approved the primary equity investment of around Rs. 225 crores (30 Million USD)
by Tata Capital Growth Fund for a 0.85% minority stake in Biocon Biologics, biosimilar business, at an
equity valuation of around Rs. 26,250 crores (3.5 billion USD) and enterprise valuation of around Rs.
30,400 crores (4 billion USD).

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Oman India Joint Investment Fund II Acquired 1.63% stake in DCB Bank
Oman India Joint Investment Fund (OIJIF) II acquired 1.63% stake in DCB Bank Limited (DCB Bank)
through a block trade (bulk deal) on stock exchanges. The stake is valued at Rs 42 crore.
LIC acquired 4.23% Stake of YES Bank

Life Insurance Corporation of India (LIC) has acquired 4.23% Stake of YES Bank by purchasing from the
open market. With this acquisition, the hold of LIC in YES Bank has increased from 0.75% to 4.98%.
Period of acquisition is between September 21, 2017, and July 31, 2020.
CCI Approved Proposed Combination Pertaining to JV Formation between Honda Motor and
Hitachi
The Competition Commission of India (CCI) approved the proposed combination filed jointly by Keihin
Corporation, Nissin Kogyo Co., Ltd., Showa Corporation and Hitachi Automotive Systems, Ltd. to form a
Joint Venture between Honda Motor Co. Limited and Hitachi Limited.
Reliance Retail Ventures Ltd Acquired 60% stake in Vitalic Health Pvt Ltd & 100% direct
ownership of Netmeds
Reliance Retail Ventures Ltd, a subsidiary of Reliance Industries Limited (RIL) has acquired 60% equity
stake in Vitalic Health Pvt Ltd and 100% direct equity ownership of its subsidiaries namely Tresara
Health Private Limited, Netmeds MarketPlace Limited and Dadha Pharma Distribution Pvt Limited
(collectively known as Netmeds) for a cash consideration of around Rs 620 crore (USD 83.08 million).
The deal values Netmeds around Rs 1,000 crore.
CCI Approved 100% Proposed Acquisition of C&S Electric Limited by Siemens Limited
The Competition Commission of India (CCI) has approved 100% proposed acquisition of the share capital
of the Indian Operations of C&S Electric Limited (C&S) by Siemens Limited (Siemens India). For this
purpose, Siemens Ltd has signed an agreement with C&S in January 2020.
ICICI Lombard & Bharti AXA Signed Definitive Agreements to Merge their Insurance Businesses
ICICI Lombard General Insurance Co. Ltd. (ICICI Lombard) and Bharti AXA General Insurance Co. Ltd.
(Bharti AXA) have signed definitive agreements to merge their insurance business. The proposed merged
non-life insurance company will have a market share of 8.7% on a pro-forma basis. The deal values Bharti
AXA at around Rs 2,700 crore.
Axis Bank to Acquire 17% Instead of 29% in Max Life Insurance

The Mumbai headquartered Axis Bank Ltd (Axis Bank) to acquire 17% (17.002%) of the equity share
capital in New Delhi based Max Life Insurance (Max Life), instead of 29%. After the transaction, the total
ownership of Axis bank in Max Life will be 18%. The parties have executed definitive agreements.
CCI Approved Acquisition by Tau Investment, Lightstone Fund S.A and Carlyle Group’s Comfort
Investments II
On August 26, 2020 The Competition Commission of India (CCI) has approved the following proposals:
 Acquisition of up to 64.90% of share capital of J B Chemicals & Pharmaceuticals Ltd by Tau
Investment
 Acquisition of Lightstone Fund S.A., for and on behalf of Lightstone Global Fund (LGT)
 Acquisition of Nxtra Data Ltd by Carlyle Group’s Comfort Investments II
Read More Details Here: CCI Approved Acquisition by Tau Investment, Lightstone Fund S.A and Carlyle
Group’s Comfort Investments II

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PAG to Acquire 51% Stake in Edelweiss Wealth Management for About Rs 2,200 Crore
Private equity (PE) firm PAG, (formerly known as Pacific Alliance Group) to make a strategic investment
of approximately Rs 2,200 crore (USD 300 million) for a 51 % stake in Edelweiss Wealth Management
(EWM). It is to be noted that this is the PAG’s 1st PE investment in India.
2020 Acquisitions & Mergers – September

Reliance Industries acquired Future Group for Rs.24,713 crore
The Reliance Retail Ventures Limited (RRVL), subsidiary of the Reliance Industries Limited (RIL)
acquired the retail and wholesale, logistics and warehousing business of the Future Group Business as
going concerns on a slump sale basis for lump sum aggregate consideration of Rs 24,713 crore.
DoT & SEBI Approved Brookfield Infrastructure Partners Proposal to Acquire Reliance Telecom
Tower Assets
The Department of Telecommunications’ (DoT) and The Securities and Exchange Board of India-SEBI
(with certain clauses) has given approval to Reliance Jio Infocomm (RJio), to sell units worth Rs 25,215
crore in Tower Infrastructure Trust to Brookfield Infrastructure Partners L.P. It also approved a
downstream foreign investment of Rs 105.35 crore to acquire remaining 49% paid up equity share capital
in Reliance Jio Infratel Pvt Ltd (RJIPL) and increase the foreign capital in the firm to 100%.
Adani Group to Acquire 74% Stake in Mumbai International Airport Limited

Adani Airport Holdings Limited(AAHL), holding company of Adani Group for its airports business has
entered into an agreement to acquire 74% in Mumbai International Airport Limited (MIAL) or
Chhatrapati Shivaji Maharaj International Airport. AAHL will acquire 50.50% stake of GVK Airport
Developers Ltd (GVKADL) and 23.5% of minority partners ACSA and Bidvest in MIAL – for which it has
obtained Competition Commission of India approval. Remaining 26% stake of MIAL will be with acquired
by Airports Authority of India (AAI).
CCI Approved Incremental Acquisition of 6.51% shareholdings in ClariantAGunder by SABIC

International Holdings B.V.
The Competition Commission of India (CCI) has approved an incremental acquisition of 6.51%
shareholding in ClariantAGunder (ClariantAG) by SABIC International Holdings B.V. (SABIC BV), a
wholly owned affiliate of Saudi Basic Industries Corporation-SABIC under section 31(1) of the
Competition Act, 2002. CCI’s approval is without bias to the proceedings under Section 43A of the act.
Silver Lake Set to Invest Rs.7500 Crore for 1.75% Stake in Reliance Retails
Silver Lake, US based global technology investment firm, is set to invest Rs. 7500 crores in Reliance Retail
Ventures Limited (RRVL), a subsidiary of Reliance Industries Limited (RIL). This investment will provide
Silver lake a 1.75% stake in RRVL. This investment will enhance the retail presence of RIL in the domestic
market.
CCI Approved 20% acquisition of Piramal Pharma Limited by CA Clover Intermediate II

Investments
The Competition Commission of India (CCI) has approved the proposed acquisition of 20% issued and
paid-up equity share capital (in short- stake) of Piramal Pharma Limited (in short- Piramal Pharma),
wholly owned subsidiary of Piramal Enterprises Limited (PEL) by CA Clover Intermediate II Investments
(Curie), an affiliated entity of CAP V Mauritius Limited.

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CCI Approved Acquisition of Bombardier Transportation’s & Nutrition & Biosciences Inc.
Competition Commission of India (CCI) has approved the following proposals under Section 31(1) of
the Competition Act, 2002:
 Acquisition of sole control over Bombardier Transportation’s (Bombardier Transport) by Alstom
S.A. (Alstom)
 Acquisition of Nutrition & Biosciences, Inc. by International Flavors & Fragrances Inc.
Read More Details Here: CCI Approved Acquisition of Bombardier Transportation’s & Nutrition &
Biosciences Inc.
KKR Picks up 1.28% Equity Stake of Reliance Retails for Rs.5550 Crore Investment
Reliance Industries limited (RIL) announced that KKR (Kohlberg Kravis Roberts), global investment firm,
will pick up 1.28% equity shares of RIL subsidiary Reliance Retail Ventures Limited (RRVL) by investing
Rs.5550 crores. The investment of KKR will translate into a 1.28% equity stake in RRVL on a fully diluted
basis.
CCI Approved Acquisition of 100% Equity Shares of Medlife by API Holdings

The Competition Commission of India (CCI) has approved an acquisition of 100% equity shares of Medlife
International Private Limited (Medlife) by API Holdings Private Limited (API Holdings), the parent of
PharmEasy and as consideration, the acquisition of up to 19.59% of the equity share capital of API
Holdings on a fully diluted basis, by the Medlife Promoter Shareholders and other shareholders of
Medlife. The Approval was given under the Section 31(1) of the Competition Act, 2002.
2020 Acquisitions & Mergers – October

General Atlantic to Buy 0.84% stake in Reliance Retail for Rs 3,675 Crore
Reliance Industries Limited (RIL) and Reliance Retail Ventures Limited (RRVL) announced that General
Atlantic will buy 0.84% stake in RRVL, a subsidiary of RIL for Rs 3,675 crore. This investment values
RRVL at a pre-money equity value of Rs 4.285 lakh crore. With this investment, RRVL gets total funding
over Rs 16,000 crore within September 2020.
CCI Approved Acquisitions of Certain Real Estate Projects of RMZ Group & CoWrks by Brookfield
Private Capital (DIFC) Limited
The Competition Commission of India (CCI) under Section 31(1) of the Competition Act, 2002 has
approved the acquisition of certain real estate projects of RMZ Group and 100% equity shareholding in
CoWrks India Pvt Ltd. by Brookfield Private Capital (DIFC-Dubai International Financial Centre) Limited.
Mubadala Investment Company Will Invest Rs.6247.5 Crore for 1.4% Stake in RRVL
Mubadala Investment Company, Abu Dhabi based sovereign wealth fund, invested Rs.6247.5 crore for
1.4% stake in the Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Limited.
This investment of Mabadala marks the 5th investment into RRVL.
GIC, TPG to invest about $1 billion in Reliance Retail

The Government of Singapore Investment Corporation (GIC), and United States based Texas Pacific Group
(TPG) will invest a combined USD 1 Billion (INR 7, 350 Crores) in Reliance Retail Ventures Limited
(RRVL). GIC will invest INR 5, 512 Crore for 1.22% stake while TPG Capital Management will invest INR
1, 838 Crore to own 0.41% equity stake in RRVL.

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ADIA to Invest Rs.5512.50 Crore in RRVL
The Reliance Industries Limited (RIL) announced that the wholly owned subsidiary of Abu Dhabi
Investment Authority (ADIA) is set to invest Rs.5512.50 crore in the Reliance Retail Ventures
Limited(RRVL) for 1.20% stake. The investment value of RRVL at pre money equity value of Rs.4.285 lakh
crore.
CCI Approves Acquisition of CG Power and Adani Green Energy Ten Ltd’s Solar Energy
Generation Assets
On October 14, 2020 The Competition Commission of India (CCI) has given approval to the following
acquisitions, (i) The acquisition of more than 50% equity share capital of CG Power and Industrial
Solutions Limited (CG Power) by Tube Investments of India Limited (TIIL). (ii) The acquisition of solar
energy generation assets of Adani Green Energy Ten Limited (AGE10L) by Adani Green Energy Twenty-
Three Ltd (AGE23L).
RBI Gives Approval to Maple II B.V., to Acquire 5-9.99% Stake in RBL bank
RBI (Reserve Bank of India) has given approval to Maple II B.V., (affiliated to Baring Private Equity Asia)
to acquire over 5% but up to 9.99% of the paid-up share capital of the RBL Bank Limited (formerly known
as Ratnakar Bank).
2020 Acquisitions & Mergers – November

Axis Bank to Acquire Up to 19.002% Instead of 17.002% in Max Life Insurance
Axis Bank Ltd along with its subsidiaries namely, Axis Capital Ltd and Axis Securities Ltd (together Axis
Entities) has agreed to enter into revised agreements with Max Financial Services (MFS) Ltd to acquire
up to 19.002% of the equity share capital of Max Life Insurance Co Ltd (Revised Agreements). This is in
accordance with the Para 5(b) of Master Direction- Reserve Bank of India (Financial Services provided
by Banks) Directions, 2016.
CCI Approves Acquisition of Bharti AXA by ICICI Lombard

The Competition Commission of India (CCI) under Section 31(1) of the Competition Act, 2002, approved
the acquisition of General Insurance Business of Bharti AXA General Insurance Company Limited (Bharti
AXA) by ICICI Lombard General Insurance Company Limited (ICICI Lombard).
Public Investment Fund to buy 2.04% stake in Reliance Retail for Rs 9,555 crore
Saudi Arabia’s Public Investment Fund (PIF) will buy 2.04% equity stake in Reliance Retail Ventures
Limited (RRVL), a subsidiary of Reliance Industries Limited(RIL) for Rs 9,555 crore (about USD1.3
billion). This is the largest investment made by any fund so far in RRVL. This marks the 9th investment
by global investors in RRVL, since September 9, 2020. Including PIF’s investment RRVL has raised Rs
47,265 crore. The global investors with this investment hold 12.27% combined. This investment values
RRVL at a pre-money equity value of Rs 4.587 lakh crore (approximately $62.4 billion).
Axis Bank Acquires 57,743 shares in CSC e-Governance Services India Ltd for Rs 36.38 crore
Axis Bank Ltd acquired 57,743 shares in CSC e-Governance Services India Ltd for Rs 36.38 crore. The
transaction is for 9.91% equity stake in CSC e-Governance as a strategic investment by the bank. The
transaction is likely to be completed by December 2020.
TCS to Acquire 100% shares of Postbank Systems AG from Deutsche Bank

On November 9, 2020 Tata Consultancy Services (TCS) signed an agreement with Deutsche Bank AG,
Headquartered at Frankfurt, Germany, under which TCS will acquire a 100% of the shares of Postbank

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Systems AG(PBS) from Deutsche Bank AG. The value of the deal was not disclosed. This acquisition
contributes to the continued growth of TCS in Germany.
CCI Approves Acquisition of 7.73% equity share capital of Jio Platforms by Google International
LLC
On November 12, 2020, The Competition Commission of India (CCI) under Section 31(1) of the
Competition Act, 2002 has approved the acquisition of 7.73% equity share capital of Jio Platforms
Limited (JPL) by Google International Limited Liability Corporation-LLC (GIL). Jio will get all the funds
from its 13 investors(including google) who have injected Rs 1,52,056 crore for a 32.97% cumulative
equity share.
IRDAI gives Final Approval for Merger of HDFC ERGO Health with HDFC ERGO General
Insurance
On November 11, 2020 Insurance Regulatory and Development Authority of India(IRDAI) gave its final
approval for the merger of HDFC ERGO Health Insurance (formerly Apollo Munich Health Insurance Co
Ltd) with HDFC ERGO General Insurance Co Ltd (HDFC ERGO). The National Company Law
Tribunal(NCLT) has sanctioned the scheme of amalgamation between HDFC ERGO Health and HDFC
ERGO General on september 30, 2020. the new entity will be the second-largest private insurer in the
health and accident segment in India.
CCI Approves Acquisitions between Orix and GEH & Sinochem, ChemChina and Central SASAC
On November 12, 2020 The Competition Commission of India (CCI) approved the following acquisitions
under Section 31(1) of the Competition Act, 2002.CCI approved the acquisition of (i).Greenko Energy
Holdings (GEH) from Orix Wind SPVs,ORIX Corporation (Orix).(ii). Next also Orix will acquire an equity
stake in GEH.(iii).CCI also approved the transfer of 100% shareholding of Sinochem Group Company
Limited (Sinochem) and China National Chemical Corporation Limited (ChemChina) to State-owned
Assets Supervision and Administration (Central SASAC), a new company wholly owned by China.
DEA Approves Swap of Mitsui Sumitomo’s Max Life Stake of 20.57% with 21.87%stake in Max
Financial Services
On November 19, 2020 Department of Economic Affairs(DEA), Ministry of Finance(MoF) gives approval
for a swap of 20.57% stake by Mitsui Sumitomo Insurance (MSI) Company Ltd that it holds in Max Life
with a 21.87% stake in Max Financial Services Ltd(MFSL).Presently MFSL holds 72.5% stake in Max Life
and MSI owns 25.5% stake.The share swap transaction will result in MFSL’s stake in Max Life increasing
to 93.10%. Mr. Mohit Talwar(Vice Chairman of the Max Group) is the MD of Max Financial Services
Ltd(MFSL).
CCI Approved Acquisition of Certain Undertaking of Future Group by RRVL & RRVL WOS
On November 20, 2020 The Competition Commission of India (CCI) approved the acquisition of retail
and wholesale undertaking and logistics and warehousing undertaking of the Future Group by Reliance
Retail Ventures Limited (RRVL) and Reliance Retail and Fashion Lifestyle Limited (RRVL WOS). The
approval was given under Section 31(1) of the Competition Act, 2002.
Indian Bank, Canara Bank, Axis Bank, South Indian Bank, Bank of Baroda Acquires 6.67%
stakes each in IBBIC
On November 20, 2020 Indian Bank, Canara bank , Axis bank, South Indian Bank, Bank of Baroda(BoB)
acquired 6.67% stakes (representing 50,000 equity shares) each in the proposed financial tech firm,
IBBIC Pvt Ltd. for Rs 5 lakhs to provide a platform to explore, build and implement Distributed Ledger
Technology (DLT) solutions for the Indian financial services sector.

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HDFC Ltd to Acquire 19.9% Stake in Renaissance Investment Solutions ARC
HDFC(Housing Development Finance Corporation) Ltd will acquire 19.9% stake in Renaissance
Investment Solutions ARC (Asset Reconstruction Company) Private Ltd for Rs 49,87,500. Renaissance
Investment has to get the approval from Reserve Bank of India (RBI) to commence the business of asset
reconstruction.
2020 Acquisitions & Mergers – December

India Grid Trust Signs Share Purchase Agreement to Acquire 74% Stake in PKTCL
On November 28, 2020 India Grid Trust (IndiGrid) signed share purchase agreement to acquire 74%
stake in Parbati Koldam Transmission Company Ltd(PKTCL) from Reliance Infrastructure
Ltd(RInfra).The remaining 26 per cent of PKTCL held by Power Grid Corporation of India Ltd (PGCIL).
CCI Approves Acquisition of Rivigo by Spring Canter Investment Ltd & Amalgamation of
Srikalahasthi Pipes with Electrosteel Castings Ltd
On November 27, 2020 The Competition Commission of India (CCI) approved the following acquisition
and amalgamation under Section 31(1) of the Competition Act, 2002. CCI gave approval to the
acquisition of Rivigo Services Private Limited (Rivigo) by Spring Canter Investment Ltd (SCIL) via
subscription of compulsorily convertible preference shares. CCI gave approval for the proposed
amalgamation of Srikalahasthi Pipes Limited (SPL) with and into Electrosteel Castings Limited (ECL).
BOI Enters into Agreement with AXA IM to Acquire 49% Stake each in BOI AXA Investment
Managers, BOI AXA Trustee Services
On December 2, 2020 Bank of India(BOI) entered into a Share Purchase Agreement (SPA) with AXA
Investment Managers Asia Holdings Pvt Ltd (AXA IM), a part of AXA Group. Through the SPA, BOI
agreed to purchase AXA IMs of entire 49% equity shares in BOI AXA Investment Managers Private
Limited (BAIM) and entire 49% equity shares in BOI AXA Trustee Services Private Limited (BATS).
Currently, BOI holds 51% equity shares each in BAIM and BATS.
CCI Approves Acquisition of AES’s 49% stake in OPGC by OHPC and Certain Assets of the
Prestige Group by Affiliates of Blackstone Group Inc.
On December 8, 2020 The Competition Commission of India (CCI) gave the approval for the acquisition
of the shares of Odisha Power Generation Corporation Ltd (OPGC) by Odisha Hydro Power Corporation
Limited (OHPC) under Section 31(1) of the Competition Act, 2002. CCI gave approval to the acquisition
of certain assets of the Prestige Group by affiliates of Blackstone Group Inc. Prestige has signed term
sheets to sell a large portfolio of its retail and hotel properties for an enterprise value of about Rs 9,160
crore to Blackstone Group, in November 2020.
HDFC Bank invests in smallcase Technologies

HDFC Bank has invested an undisclosed amount in Smallcase Technologies, and bought a minority
stake, as part of a recent Series B fund-raise of $14 million by the Bengaluru-based fintech startup. The
five-year old startup operates in the capital markets infrastructure space and works with businesses to
help individuals invest in simple and transparent products called smallcases.
Central Govt Sells Nearly 1 Crore shares of SUUTI’s Stake in Axis Bank; Earns about Rs 600
Crore
The central government, in the last 2 weeks has sold nearly 1 crore shares of Axis Bank worth around
Rs 600 crores held through the Specified Undertaking of the Unit Trust of India (SUUTI). SUUTI held

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4.33% stake in Axis Bank as on September 30, 2020. After this transaction, SUUTI holds 3.92%
stake(11.98 crore shares) in Axis Bank.
Warburg Pincus Sells 4.47% stake in AU Small Finance Bank for Rs 1,247.69 crore
On December 18, 2020 Redwood Investment Ltd, an entity owned by Warburg Pincus sold a 4.47%
stake(13.7 million shares)in AU Small Finance Bank for Rs 1,247.69 crore through open market
transactions. As per the latest shareholding data, Warburg Pincus held 4.58% of AU Small Finance Bank.
Central bank of India sells its 64.4% in CBHFL for Rs.160cr to Centrum housing Finance
Central Bank of India selling the entire stake of its joint venture Cent Bank Home Finance Ltd (CBHFL)
to Centrum Housing Finance for Rs.160 crore.The bank has entered into a binding agreement to divest
its entire equity stake of 64.40% i.e. 1,61,00,000 shares of the face value of Rs 10 each in Cent Bank
Home Finance Ltd (CBHFL), to Centrum Housing Finance.
SBI Life Insurance acquires 8.99% stake in Paisalo Digital

On 24 December 2020, SBI Life Insurance Company has acquired 38 lakh equity shares or 8.99% equity
stake in non-banking finance company Paisalo Digital. It has acquired equity shares of the Non-Banking
Financial Company(NBFC) at Rs 489.99 per share for a consideration of Rs 186.20 Crore.
ICICI Bank to Acquire 9.09% Stake in Myclassboard Educational Solutions Pvt Ltd for Rs 4.5
Crore
On December 28, 2020 ICICI Bank entered into an agreement with Myclassboard Educational Solutions
Pvt Ltd (MESPL) to acquire 9.09% stake in MESPL through acquisition of 100 equity shares and
104,890 Cumulative Compulsorily Convertible Preference Shares on fully diluted basis. The acquisition
happens for a cash consideration of Rs 4.5 crore. Regulatory approval is not required for this, as the
acquisition of shareholding is below 10%.
• Life Insurance Corporation of India (LIC) has sold 13.8 crore shares(2.002% stake) of ICICI
Bank from November 27 to December 24, 2020 through open market transactions.
Tata Sons Acquired Further 32.67% Stake in AirAsia India From AAIL for USD 37.66 Million
On December 29, 2020 Tata Sons acquired an additional 32.67% stake in AirAsia India Limited from
AirAsia Investment Ltd (AAIL), subsidiary of AirAsia Group Berhad for USD 37.66 million(about Rs 275
crore).Earlier Tata Sons was holding 51% in AirAsia India, with this acquisition Tata Sons will hold
83.67% stake & AirAsia Investment Limited (AAIL) will hold 16.33 % Stake.

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2020 Acquisitions & Mergers

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2020 Acquisitions & Mergers – January

Mastercard acquires RiskRecon to strengthen its cybersecurity front

Digital payment firm PayU India acquires Paysense for $185 mn

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2020 Acquisitions & Mergers – February

Cognizant Tech Acquires EI Technologies and Code Zero Consulting Companies

DoT okays merger of Bharti Airtel, Tata Teleservices

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Cipla acquires 4 key brands from Wanbury for up to Rs 88.60 crore

NCLAT clears JSW Steel’s acquisition of Bhushan power for Rs 19,700 cr

CCI approves acquisition of WABCO Holdings by ZF Friedrichshafen AG

Twitter acquired Chroma Labs founded by Facebook veterans

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Crisil completed acquisition of 100% stake in Greenwich Associates

2020 Acquisitions & Mergers – March

Zomato acquires UberEats India for $206 million

Highlights of CCI approvals on March 11, 2020

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SBI acquired 6.825% stake of Zero Mass Private Limited

Ashok Leyland to acquire 19% additional stake in HLFL for Rs 1,200 cr

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2020 Acquisitions & Mergers – April

HDFC Trustee company acquires 5.45% stake in SpiceJet

Hindustan Unilever completes its merger with GSKCH India

IndiGrid to acquire Gurgaon-Palwal Transmission Limited

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GP Global acquires lubricants assets of Nigeria’s Grand Petroleum

ORIX acquires IL&FS’s 100% stake in IWPSL for Rs 6.05 cr

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Federal Bank to acquire additional stake of up to 4% in IDBI Federal Life Insurance

Ashok Leyland acquired 3.36% share in subsidiary Hinduja Leyland Finance

Singapore’s Caladium increases stake in Bandhan Bank by 1.1pc to 4.49%

IIFL Wealth acquires the entire holdings of LTCM

HDFC acquires 6.43% stake in Reliance Capital through invocation

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2020 Acquisitions & Mergers – May

Reliance increases its stake to 26.3% in US-based tech company SkyTran

CCI approves BP Global’s proposed 49% acquisition of Reliance BP Mobility Limited

Polycab India acquired 50% stake in Ryker from Singapore-based Trafigura

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74% stake of SeQuent bought by Carlyle for Rs 1,587 crore

Accenture acquires start-up Byte Prophecy to deliver AI solutions to enterprises

KKR buys 2.32% in Jio Platforms for Rs 11,367 crores

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Airtel acquires 10% stakes in conversational AI start-up Voicezen

ITC to acquire 100% equity of Sunrise Foods by share purchase agreement

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2020 Acquisitions & Mergers – June

Tata Power acquires 51% stake in Odisha’s TPCODL for Rs 178.5 cr

CCI gives nod to Peugeot and Fiat Chrysler Automobiles merger

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CCI approves acquisition of Metso Oyj’s minerals business by Outotec Oyj

Acquisition & Mergers

Acquisition & Mergers