On December 5, 2014, CCI granted its approval to Essex Development Investment (Mauritius) Limited (‘Essex’) for acquisition of 260 million shares (constituting around 15.4% shares) in Haldia Petrochemicals (‘HPL’) by way of share purchase agreement executed between Essex, Chatterjee Petrochem (Mauritius) Company (‘CPMC’), West Bengal Industrial Development Corporation Limited, Government of West Bengal and HPL. Essex, an investment company registered in Mauritius, is a part of the Chatterjee Group (‘TCG’). It is envisaged that, subsequent to the consummation of the transaction, TCG will hold a 55% stake in HPL.

 
HPL, a company incorporated under the provisions of the Companies Act, 1956, manufactures and sells petrochemical related products. Interestingly, TCG through its affiliate/associate companies namely CPMC, India Trade (Mauritius) Limited and Winstar India Investment Company Limited, PCC already holds 39.54% of equity share capital of HPL. TCG has diversified interests in various sectors, including real estate, life sciences and information technology. CCI noted no existence of any horizontal overlap or vertical arrangement between HPL and CPMC, Essex or TCG. On this basis, CCI concluded that combination was not likely to give rise to any AAEC in India.

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