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India – CCI Approves Genext–Magna Arrangement.

15 July, 2014

 


On May 22, 2014, CCI approved the transfer of the hotel and retail related businesses of Magna Warehousing & Distribution Pvt. Ltd. (‘Magna’) to Genext Hardware & Parks Pvt. Ltd. (‘Genext’).

 
CCI noted that Magna is engaged in the retail and hotel business in Bangalore and Genext is engaged in the business of real estate properties in Mumbai. CCI further noted that 83.16% of the equity share capital of Magna is held by Chalet Hotels Pvt. Ltd. (‘Chalet’) and the remaining by the members and group companies of the Raheja family. Similarly, 40% of the equity share capital of Genext is held by Chalet and the remaining by the members of the Raheja family. CCI further noted that Chalet was also controlled by the members of the Raheja family.

 
In light of the above, CCI observed that even after the proposed combination, the ultimate control over the business activities of the parties to the proposed combination would remain with the members of the Raheja family. Accordingly, CCI approved the proposed combination on the basis that it was not likely to have any Adverse Effect in India.

 

 

AZB

 

For further information, please contact:

 

Zia Mody, AZB & Partners
zia.mody@azbpartners.com

 

Abhijit Joshi, AZB & Partners 
abhijit.joshi@azbpartners.com

Shuva Mandal, AZB & Partners 
shuva.mandal@azbpartners.com

 

Samir Gandhi, AZB & Partners
samir.gandhi@azbpartners.com

Percy Billimoria, AZB & Partners 
percy.billimoria@azbpartners.com

 

Aditya Bhat, AZB & Partners 
aditya.bhat@azbpartners.com

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