Jurisdiction - India
India – CCI Approves Acquisition Of Shares In Hexaware By Barings Asia.

23 October, 2013



By its order dated September 19, 2013, CCI approved the acquisition of 41.48% of the equity share capital of Hexaware Technologies Limited (‘Hexaware’) by HT Global IT Solutions Holdings Limited, a company belonging to the Baring Private Equity Asia Group (“Baring Asia” or “Acquirer”). The Acquirer also proposed to further acquire up to 26% of the equity share capital of Hexaware pursuant to the mandatory open offer regulations under the SEBI (Substantial Acquisition of Shares and Takeovers), Regulations 2011. This is being touted as one of the biggest investments in the Indian Information Technology (‘IT’) sector.

While assessing the competition impact of this acquisition, CCI noted that Hexaware is an Indian public listed company engaged in the business of providing IT and Business Processing Outsourcing services- which include application development and maintenance, enterprise solutions, quality assurance and testing and such similar services. Its customers are varied across several industries and include the banking and financial market, insurance, healthcare and life sciences, manufacturing, travel, hospitality and logistics.

The Acquirer, on the other hand, is a private limited company incorporated in Mauritius. It was observed that neither Baring Asia nor any of its affiliate companies have any investments or interests in companies engaged in providing IT and IT enabled services in India. On this basis, CCI held that the combination was unlikely to raise any AAEC in India.




For further information, please contact:


Zia Mody, AZB & Partners
[email protected]


Abhijit Joshi, AZB & Partners 
[email protected]

Shuva Mandal, AZB & Partners 
[email protected]bpartners.com


Samir Gandhi, AZB & Partners
[email protected]

Percy Billimoria, AZB & Partners 
[email protected]


Aditya Bhat, AZB & Partners 
[email protected]

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