India: CCI Approves 75% Acquisition Of EPL By Epsilon

On June 3, 2019, CCI approved the acquisition of up to 75% shareholding of Essel Propack Limited (EPL) by Epsilon Bidco Pte. Limited (Epsilon) an affiliate of funds (collectively, referred to as 'Parties'), managed or advised by The Blackstone Group L.P. (Blackstone) ('Proposed Combination').¹ Pursuant to the Proposed Combination, Epsilon will acquire full control over EPL and will also become a promoter of EPL.

Epsilon's principle activity is investment holding and other related activities, and EPL is a Public listed company engaging in the business of manufacturing, marketing and sale of specialty packaging. While there are certain affiliates of Blackstone engaged in the packaging sector, these affiliates are either located outside or have minimal presence in India. Considering that there were no horizontal and/or vertical overlaps between the Parties either directly or indirectly, CCI approved the Proposed Combination for being unlikely to cause any AAEC in India.

Footnote

1 Combination Registration No. C-2019/04/660

Published In:Inter Alia Special Edition- Competition Law - August 2019 [ English

Originally published on August 7, 2019

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