News Update

CCI approves Panatone-Tata deal, Blackstone's acquisition of Piramal Glass

By TIOL News Service

NEW DELHI, FEB 23, 2021: THE Competition Commission of India (CCI) on Tuesday said it has approved acquisition of Tata Communications Limited (TCL) shares by Panatone Finvest, non-deposit taking core investment arm of Tata Sons.

The deal envisages a proposed combination shareholding not exceeding 26.12 per cent by Panatone Finvest in TCL, as the Central government seeks to divest its stake in the communication company.

"As a result of the proposed combination, Panatone Finvest/Tata Group would increase its shareholding from 48.87 per cent to such shareholding not exceeding 74.99 per cent," said the official statement.

The fair trade regulator also approved the acquisition of Piramal Glass and its subsidiaries by PGP Glass, an affiliate of Blackstone Group set up for the purpose of the deal.

Piramal Glass is engaged in the business of manufacture and sale of glass packaging and glass decoration, catering to the cosmetics, perfumery, specialty food and beverages, and pharmaceutical industries.

Its subsidiaries are Ansa Deco Glass, Kosamba Glass Deco, Piramal Glass UK, Piramal Glass Europe, Piramal Glass Ceylon and Piramal Glass - USA. Its shareholding includes Vivid Trading, registered at the Dubai Airport Free Zone and trading glass bottles; and Ansapack, an Indian company manufacturing and selling packaging material.