CCI nod for Lakshmi Mittal-Poonawalla Rajasthan Royals stake buys

India’s competition regulator has approved Westview Cricket Ltd and Adar Poonawalla-owned Poonawalla Sports and Fitness Pvt Ltd’s acquisition of Rajasthan Royals and two overseas cricket franchises. In another decision, the regulator cleared transactions involving Great White Global and ITVIS Innovations. OMERS Infrastructure Asia Holdings’ purchase of an additional stake in Azure Power Global also got the Competition Commission of India (CCI) nod.

A CCI statement said it had “approved acquisition of three professional cricket franchises” — Rajasthan Royals in India, Paarl Royals in South Africa and Barbados Royals in Barbados — by Westview Cricket and Poonawalla Sports. Westview Cricket is registered in the UK, while Poonawalla Sports is incorporated in India and “is wholly owned by Mr. Adar Cyrus Poonawalla”, the release said.

Westview Cricket is the investment vehicle owned by the Lakshmi Mittal family. Through this UK-registered entity, the Mittal family is acquiring a 75% stake in the cricket franchise group that includes the Rajasthan Royals, with Adar Poonawalla's company taking 18% and existing shareholder Manoj Badale retaining the remaining 7%.


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Mauritius-incorporated EM Sporting Holdings Ltd is the holding company for Royal Multisport Pvt Ltd, Paarl Royals Ltd and Barbados Royals Ltd. Royal Multisport “owns and operates the Rajasthan Royals franchise”, which competes in the Indian Premier League (IPL) T20 tournament, it added.

Separately, CCI cleared the proposed acquisition of 50% of Great White Global’s issued and paid-up equity share capital by ISAF III Onshore Fund, India Special Assets Fund III, Special Situation India Fund, Mehul Jadavji Shah, Julie Mehul Shah and Mehul Shah HUF. The transaction includes the subsequent merger of acquisition vehicle Great White Holdings Pvt Ltd with Great White.

The regulator also approved Mehul Shah’s proposed acquisition of sole control over ITVIS Innovations. Great White is “primarily an Indian fast-moving electrical goods (FMEG) and electrical infrastructure products company”, while ITVIS develops and supplies intelligent lighting, automation and smart electrical systems.

In the third decision, CCI approved OMERS Infrastructure Asia Holdings’ acquisition of an additional shareholding in Azure Power Global from CDPQ Infrastructures Asia.

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OMERS Infrastructure Asia is an investment entity of OMER Administration Corporation, administrator of the Ontario Municipal Employees Retirement System pension plan. CCI said Azure Power Global is the Azure group’s parent entity, with the group “engaged in setting up renewable energy plants, operating them and selling solar power in India”.