By an order dated December 27, 2019, the CCI approved acquisition of 50% of shareholding of My Home Industries Private Limited ("My Home Industries") by My Home Constructions Private Limited ("MHCPL"), Jupally Real Estate Developers Private Limited ("JREDPL") and Dr. Rameswar Rao Jupally.
MHCPL and JREDPL are part of My Home Group based out of Hyderabad, Telangana. Dr. Rameswar Rao Jupally is the promoter of My Home Group, which has interests in construction and real estate development, manufacturing and supply of grey cement, power consultancy, power generation, power trading, transportation and logistics, media and broadcasting, pharmaceutical and education.
My Home Industries is a 50:50 joint venture between CRH India Investments B.V. and the Acquirers. It is engaged in the manufacturing and supply of grey cement under the brand name "Maha Cement" in India. It is present in the states of Andhra Pradesh, Tamil Nadu, Union Territory of Puducherry, Telangana, Kerala, Karnataka, Odisha, West Bengal, Bihar, Maharashtra, Jharkhand and Chhattisgarh. It is also engaged in power generation activities from waste heat and solar power sources for the purposes of captive consumption.
DSK Legal's observation: Transactions beyond certain threshold requires CCI's approval. The CCI introduced an automatic system of approval for combinations under 'Green Channel'. Under this process, the combination is deemed to have been approved upon filing the notice in the prescribed format. This system would significantly reduce time and cost of transactions and thereby contributing towards ease of doing business in India. Notice for approval of Combinations under Green Channel shall be deemed to have been approved upon filing and acknowledgement thereof.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.