NIIF gets CCI's clearance to acquire additional stake in Ather Energy
Competition Commission of India has approved the National Investment and Infrastructure Fund's (NIIF) proposal to acquire an additional stake in Ather Energy. The deal was cleared by the competition watchdog under the green channel route.
«The acquirer (India-Japan Fund) proposes to acquire certain Series G Compulsorily Convertible Preference Shares of Ather,» the regulator said in an order.
India-Japan Fund (IJF) is a fund managed by NIIF. The fund focuses on investing in environmental sustainability, and low-carbon emission strategies and promoting investments by Japanese companies in India.
The transaction will help IJF further its goals by creating value for the broader market for electric two-wheelers, clean mobility transport solutions, and technology-led last-mile transport vehicles, it added.
Ather is engaged in the business of designing and developing electric scooters, while the India-Japan Fund (IJF) is a Sebi-registered alternative investment fund.
It focuses on investing in environmental sustainability and low-carbon emission strategies and aims to enhance Japanese investments in India.
The fund represents a strategic and economic partnership between the governments of Japan and India.
«The proposed transaction does not give rise to any horizontal, vertical, or complementary overlaps.
»...the transaction does not require Commission to define any relevant market(s) given that it is unlikely to cause any appreciable adverse effect on competition," the Competition Commission of India (CCI) said.
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