Jurisdiction - India
India – CCI Approves Alison Propco And Alison Bidco’s Acquisition Of ALSTOM’s Auxiliary Component Business.

15 July, 2014


On June 5, 2014, CCI approved the acquisition of the auxiliary component business (‘AC Business’) of ALSTOM (‘Alstom’) by Alison Bidco S.A.R.L. (‘Alison Bidco’) and Alison Property S.A.R.L. (‘Alison Propco’). 

The proposed combination involved the acquisition of the AC Business of Alstom by Alison Bidco and Alison Propco. In India, the proposed combination involved the transfer of the AC Business of Alstom India Limited (‘AIL’), an Indian subsidiary of Alstom, to an affiliate of Alison Bidco as well.

CCI noted that Alison Bidco and Alison Propco were the subsidiaries of Triton (established for the purpose of the proposed transaction), and belonging to the Triton group, which is a consortium of independent European equity funds and companies. Alstom is a company incorporated under French laws and is a major player in power generation, power transmission, engineering, rail and transport sector infrastructure.

CCI observed that the AC Business comprises of three product lines – air pre-heaters and gag-gas heaters for thermal power generation facilities, heat transfer solutions for industrial processes and grinding mills used in industrial applications. CCI further observed that while Alstom was engaged in the AC Business in India through AIL, none of the Triton group portfolio companies were engaged in the AC Business, and that there was no existing or potential vertical relationship between the Alstom and the Triton group in India.

Accordingly, CCI approved the proposed combination on the basis that it was not likely to have any Adverse Effect 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]


Samir Gandhi, AZB & Partners
[email protected]

Percy Billimoria, AZB & Partners 
[email protected]


Aditya Bhat, AZB & Partners 
[email protected]

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