Vide an order dated 17 December 2024, CCI approved the acquisition of 19.6% shareholding in VFS Global AG by Temasek.
The Commission noted that post the Air India merger (as reported in the October 2023 Newsletter) Temasek's portfolio company in India includes Air India Limited, due to its shareholding in Singapore Airlines Limited. Air India is, inter alia, engaged in providing air transportation services, both domestic and international.
The Commission noted that a VFS group company (OneVasco) had entered into an agreement with Air India in 2024 to exclusively provide visa concierge services to Air India passengers, no other airline, although it was free to provide services to individual customers and other corporate entities.
They considered this complementary overlap but concluded that since VFS's market share was less than 5% and the customers booking Air India flights are free to take visa concierge services from OneVasco or any third-party provider/ travel agent, no foreclosure of competition was likely and hence unconditionally approved the transaction.
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