The proposed combination involves the merger of Hinduja Leyland Finance Limited (HLFL) into NDL Ventures Limited (NDL) through a Scheme of Merger by Absorption under Sections 230 to 232 of the Companies Act, 2013. NDL is currently a company with no active business operations, primarily holding cash surpluses used for generating interest income and a land parcel held as stock in trade. In contrast, HLFL is a Non-Banking Financial Company (NBFC) categorized as an Asset Finance Company. HLFL specializes in providing small-ticket retail loans to urban and semi-urban customers, specifically for a wide variety of vehicles including two-wheelers, three-wheelers, commercial vehicles (MHCVs, LCVs, SCVs), cars, and multi-utility vehicles. Additionally, HLFL provides loans against property and home loans, including affordable housing finance. Under the terms of the transaction, NDL will issue and allot 25 fully paid-up equity shares of face value INR 10 to the shareholders of HLFL for every 10 equity shares held in HLFL. The parties submit that the merger is intended to achieve corporate restructuring benefits such as integration of scale and financial strength. They assert that there are no horizontal or vertical overlaps between their respective business activities, as NDL has no active presence in the financial services market where HLFL operates. Consequently, the parties claim the transaction will not result in any appreciable adverse effect on competition (AAEC) in India. The Commission’s final assessment and decision remain pending at the time of this filing notice.
Bennett Coleman & Company Limited (BCCL), along with several promoter-led entities including Sanmati Properties Limited and Bharat Nidhi Limited, filed a combination notice regarding an internal corporate reorganization. The proposed transaction involves the demerger of the 'EIBME Business'—encompassing specific entities, businesses, undertakings, assets, and liabilities—from BCCL to Times Horizon Private Limited (THPL) on a going concern basis. BCCL is a major media conglomerate with interests in print and digital news publishing, television broadcasting, radio (Mirchi), film production, ed-tech, fintech, and real estate classifieds. THPL is a newly incorporated entity currently devoid of business activities, intended solely to house the demerged EIBME Business post-reorganization. The parties identified horizontal overlaps in the Indian markets for digital content publication, event management services, and the supply of digital advertisement space. Additionally, certain vertical relationships were noted between the demerged business and the remaining BCCL operations. The parties asserted that the reorganization aims to reorient business focus and maximize asset opportunities without impacting the competitive landscape. The Commission, identifying no competition concerns arising from this intra-group transfer, approved the combination unconditionally on February 17, 2026.
Axis Asset Management Company Limited (Acquirer) has filed a notice under Regulation 13(2) of the Competition Commission of India (Combinations) Regulations, 2024, regarding the acquisition of the portfolio management services business (Target Business) of Axis Securities Limited (Transferor). The Acquirer is primarily involved in managing mutual funds, providing portfolio management services (PMS), and managing various Alternative Investment Funds (AIFs) across Category II and Category III strategies. The Target Business comprises the specific PMS operations of Axis Securities Limited in India. The parties submit that the proposed transaction constitutes an acquisition of a business falling under Section 5(a) of the Competition Act, 2002. According to the filing, the parties assert that the precise definition of relevant markets is unnecessary as the markets are highly competitive and the combination is unlikely to cause any appreciable adverse effect on competition (AAEC) in India. However, they propose several potential market delineations covering the provision and distribution of discretionary and non-discretionary portfolio management services. Commission decision on the combination is pending.
The Competition Commission of India, in Case No. 33/2025, has issued a directive under Section 26(1) of the Competition Act, 2002. The matter involves allegations of anti-competitive conduct by the entity or entities referred to as XYZ. Upon preliminary consideration of the information provided, the Commission has formed a prima facie opinion that the conduct in question suggests a potential contravention of the provisions of the Act, such as anti-competitive horizontal or vertical agreements or an abuse of dominant market position. Consequently, the Commission has directed the Director General (DG) to initiate a thorough investigation into the matter to gather evidence and establish the facts. This order is a procedural interim step and does not constitute a final determination of guilt or a finding of a violation. The DG is required to submit an investigation report within the prescribed statutory timeframe. The Commission's ultimate decision on whether the conduct has caused an appreciable adverse effect on competition (AAEC) will only be rendered after a review of the DG’s findings and a formal hearing of the parties. As of February 12, 2026, the investigation is officially ongoing.
This Section 27 order resolves an antitrust case filed by Matrix Info Systems Pvt. Ltd. (Informant) against Intel Corporation (Opposite Party/Intel). The Informant, a parallel importer of IT products, alleged that Intel abused its dominant position by implementing an 'India Specific Warranty Policy' on April 25, 2016. Under this policy, Intel provided local warranty services for its Boxed Micro-Processors (BMPs) in India only if they were purchased from an authorized Indian distributor. BMPs purchased through parallel import channels (authorized distributors outside India) were denied local service and redirected to their country of purchase. The Commission delineated the relevant market as the 'market for Boxed Microprocessors for Desktop PCs in India' and found Intel to be dominant based on its high market share (over 80% during the relevant period), proprietary x86 architecture, and significant resources. The Commission concluded that the policy imposed unfair and discriminatory conditions on Indian consumers compared to global markets, limited consumer choice, and denied market access to parallel importers by forcing customers to purchase from authorized Indian distributors at higher prices. Although Intel withdrew the policy on April 1, 2024, the Commission established violations of Sections 4(2)(a)(i), 4(2)(b)(i), and 4(2)(c) of the Act and imposed a penalty of INR 27.38 crore, while also directing Intel to publicize the policy's withdrawal.
The Fidelity Funds (Acquirers), representing a collective group of nineteen investment funds and portfolios managed by various Fidelity entities, have filed a notice regarding a proposed combination with Valuedrive Technologies Private Limited (Target). Under the proposed transaction, the Acquirers intend to acquire a minority shareholding of approximately 6.63% on a fully diluted basis in the Target. This acquisition is structured through a combination of primary subscription and secondary acquisition of compulsory convertible preference shares. Valuedrive Technologies, which operates as the holding company for the 'Spinny' group, is primarily involved in operating an electronic B2B platform for motor vehicle transactions, wholesale automotive sales, and the distribution of loans. Through its subsidiaries, the Target also maintains operations in sectors including NBFC lending, insurance broking, and automotive-focused media publishing. In their filing, the Parties submit that there are no horizontal overlaps, vertical relationships, or complementary business activities between the Fidelity Group affiliates and the Target's business in India. On this basis, the Parties assert that the transaction is unlikely to result in an appreciable adverse effect on competition. As this document is a summary filed under Regulation 13(2) of the Competition Commission of India (Combinations) Regulations, 2024, the Commission's formal assessment and final decision remain pending.
Amundi Asset Management S.A.S. (Acquirer) has filed a notice under Regulation 13(2) of the Competition Commission of India (Combinations) Regulations, 2024, regarding its acquisition of 4.64% of the voting share capital of ICG plc (Target). The proposed transaction involves an on-market purchase of shares on the London Stock Exchange, coupled with a right for Amundi to nominate a director to the board of ICG plc. Amundi is a major French asset management company with an indirect presence in India through its joint venture, SBI Funds Management Limited, which provides mutual fund and portfolio management services. ICG plc is a global alternative asset manager active in structured capital, private equity secondaries, real assets, private debt, and credit markets. According to the filing, ICG plc does not have any direct or indirect presence in the asset management services sector in India. The parties assert that while there is a global overlap in asset management services, there are no horizontal or vertical overlaps within the Indian market. Consequently, the parties submit that the combination will not result in an appreciable adverse effect on competition in India. The Commission's competitive assessment and final decision are pending.
Innomotics India Private Limited (Acquirer) has filed a notice under Regulation 13(2) of the Competition Commission of India (Combinations) Regulations, 2024, regarding the proposed acquisition of the low voltage motor business of Siemens Limited (Target Business). The proposed transaction is structured as a slump sale of the Target Business. Innomotics India Private Limited, which is part of KPS Capital Partners, LP, is primarily involved in the manufacturing and supply of medium and high voltage industrial motors and large drive systems across sectors such as power, cement, metals, and oil & gas. The Target Business consists of the low voltage motor operations of Siemens Limited in India, which operates through an outsourced manufacturing model for both domestic sales and exports. The parties have submitted that the relevant market definition should be left open as the transaction is unlikely to cause any appreciable adverse effect on competition (AAEC) in India. However, they proposed the broad market for the manufacturing and sale of electric motors in India as a relevant sector. This document is a pre-decision summary provided by the parties; the Competition Commission of India's formal assessment and decision under Section 31 of the Act are currently pending.
LSF12 Helix Parent, LLC ('Acquirer') has filed a notice under Regulation 13(2) of the Competition Commission of India (Combinations) Regulations, 2024, for the 100% acquisition of Hillenbrand Inc. ('Target'). The Acquirer is a special purpose vehicle indirectly owned by LS Fund XII and controlled by affiliates of Lone Star Global Acquisitions, Ltd. The acquisition is intended as a strategic investment aimed at increasing business value for eventual sale or exit. The Target is a global industrial firm operating through two segments: Advanced Process Solutions, which provides engineered material handling equipment for plastics, food, and recycling industries, and Molding Technology Solutions, which focuses on equipment for the plastic technology processing industry. In India, the Target operates through four subsidiaries engaged in material handling systems and aftermarket services. The parties have stated that their activities, along with those of their respective group entities and affiliates, do not exhibit any horizontal overlaps, vertical linkages, or complementary relationships in India. Consequently, the transaction was filed under the Green Channel route and is deemed approved upon filing.
LSF12 Helix Parent, LLC (Acquirer), a special purpose vehicle indirectly controlled by affiliates of Lone Star Global Acquisitions, Ltd., filed a combination notice for the acquisition of 100% of the share capital of Hillenbrand Inc. (Target). The Acquirer is an offshore investment vehicle focused on strategic investments for business value appreciation. The Target is a global industrial company organized into two business segments: Advanced Process Solutions, which provides engineered material handling equipment for plastics, food, and recycling industries; and Molding Technology Solutions, which provides engineered equipment for the plastic technology processing industry. In India, Hillenbrand operates through four subsidiaries engaged in the supply of industrial processing equipment and aftermarket services. The parties submitted that their respective business activities do not involve any horizontal overlaps, vertical linkages, or complementary relationships in India. The transaction was filed under the Green Channel route provided in the Competition Commission of India (Combinations) Regulations, 2024. Consequently, the combination was deemed approved under Section 6(5) of the Competition Act, 2002 on February 5, 2026, as the Commission identified no appreciable adverse effect on competition concerns.