Competition Commission of India

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Jhajjar Power Ltd

Power

5(a) - Acquisition of enterprise

31(1) - Where no appreciable adverse effect apprehended, approve combination

LSI Citation

LSI-1739-CCI-2025-(NDEL)

LSI Judiciary Level

LSI City/Bench

press_release1764073232__1_.pdf

LSI: Act/Rules/Regulations/Code

CCI: Clears acquisition of 100% stake in Toyota Industries Corporation by Toyota Asset Preparatory

swati.durkar@taxsutra.com — Tue, 02 Dec 2025 09:29:06 +0000

CCI: Clears acquisition of 100% stake in Toyota Industries Corporation by Toyota Asset Preparatory swati.durkar@t… Tue, 02/12/2025 - 14:59

Conclusion

CCI approves the proposed combination relating to the proposed acquisition by Toyota Asset Preparatory Co. Ltd. (Acquirer) of 100% shareholding of Toyota Industries Corporation (TIC/Target), which is being undertaken to effectuate the restructuring and consolidation of TIC within the Toyota group and Acquirer will eventually be held to the extent of ~99% by Toyota Fudosan Co. Ltd. (TFC); Commission observes that the Acquirer is an investment vehicle established solely for the proposed combination and is not engaged in any business or activity in India or globally, whereas Toyota Motor Corporation (TMC) is primarily involved in the manufacture and sale of automobiles and automotive parts in India; Further, CCI records that, in India, the Target is engaged in sales and servicing of material handling equipment, manufacture and sales of engines and transmission parts for passenger vehicles, manufacture and sales of textile machinery, and provision of automated logistics solutions

Cases Reference

2025-11-25

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Toyota Industries Corporation

Automobile

5(a) - Acquisition of enterprise

31(1) - Where no appreciable adverse effect apprehended, approve combination

LSI Citation

LSI-1738-CCI-2025-(NDEL)

LSI Judiciary Level

LSI City/Bench

press_release1764073185__1_.pdf

LSI: Act/Rules/Regulations/Code

CCI: Allows ICICI Prudential AMC to acquire ICICI Venture Funds Management’s units

swati.durkar@taxsutra.com — Tue, 02 Dec 2025 09:25:44 +0000

CCI: Allows ICICI Prudential AMC to acquire ICICI Venture Funds Management’s units swati.durkar@t… Tue, 02/12/2025 - 14:55

Conclusion

CCI approves the proposed combination involving the acquisition of certain businesses from ICICI Venture Funds Management Company Ltd. (Seller/Target) by ICICI Prudential Asset Management Company Ltd. (ICICI Prudential AMC/ Acquirer); Notes that the Acquirer is engaged, inter alia, in managing mutual funds, providing portfolio management services, managing alternative investment funds, and offering advisory services to offshore clients, and is a JV between ICICI Bank Ltd. and Prudential Corporation Holdings Ltd., a wholly owned subsidiary of Prudential Plc.; Commission further observes that Target Businesses comprise of – (a) Business of managing and/or sponsoring five identified alternative investment funds registered with SEBI, and (b) Business of providing non-exclusive, non-binding advice to an identified offshore investment fund; Lastly, CCI also records that the Advisory Business involves providing of non-binding, non-exclusive investment recommendations and advice on private equity investments in India, as outlined in an Investment Advisory Agreement

Cases Reference

2025-11-25

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ICICI Venture Funds Management Company Ltd.

Financial Services

5(a) - Acquisition of enterprise

31(1) - Where no appreciable adverse effect apprehended, approve combination

LSI Citation

LSI-1737-CCI-2025-(NDEL)

LSI Judiciary Level

LSI City/Bench

Anti-competitive Agreements

LSI: Act/Rules/Regulations/Code

CCI: Orders probe into Basketball Federation of India’s dominance abuse, anti-competitive conduct

swati.durkar@taxsutra.com — Thu, 27 Nov 2025 07:13:17 +0000

CCI: Orders probe into Basketball Federation of India’s dominance abuse, anti-competitive conduct swati.durkar@t… Thu, 27/11/2025 - 12:43

Conclusion

CCI directs the Director General (DG) to investigate Basketball Federation of India (OP/ BFI) for prima facie contravention of Sections 3 and 4 of the Competition Act, in a complaint filed by Elite Pro Basketball Pvt. Ltd. (Informant); Informant alleged that the BFI abused its dominant position by withholding approval for the Elite Pro Basketball League (EPFL) and issuing a circular threatening disqualification and lifetime bans for players participating in non-BFI sanctioned events, coercing institutions to deny venues, and demanding unreasonable payments for licences, thereby engaging in anti-competitive conduct through exclusive dealing, refusal to deal, restriction of player services, and denial of market access; On abuse of dominance, Commission finds prima facie violation of Sec. 4(2)(b)(i), observing that “…the circular dated 26.09.2023 and response of the BFI strengthens the allegations of the Informant that BFI’s actions have the effect of limiting/restricting the provision of services of basketball players, referees, and coaches to participate in non-BFI sanctioned events like the EPBL, which appears to be in contravention of Section 4(2)(b)(i) of the Act.”; Further, noting that BFI rejected Informant’s request to hold the promotional event, cancelled the proposed league, and required an MoU for any such event, CCI asserts that such action of the OP leads to a prima facie finding that BFI denied market access and abused its dominant position u/s 4(2)(c); Lastly, observing that BFI’s rules on mandatory player registration and its circular restricting players, referees and coaches to only BFI-sanctioned events, Commission holds that “This prima facie appears to deny the players, the opportunity to participate in leagues of their own choice…amounts to forcing exclusive distribution agreement, thereby prima facie contravening the provisions of Section 3(4)(c) of the Act” accordingly, directs the DG to investigate u/s 4(2)(b)(i), 4(2)(c), 3(4)(c) and 3(4)(d), complete the probe within 60 days, and examine any other entity’s anti-competitive conduct that may surface

Cases Reference

2025-11-25

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order1764072026__1_.pdf

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The order was passed by Ms. Ravneet Kaur (Chairperson), Ms. Sweta Kakkad (Member), and Mr. Deepak Anurag (Member).

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{"126370":{"site":"89519","paragraph_target_id":"143523"},"126454":{"site":"89519","paragraph_target_id":"143607"},"126455":{"site":"89519","paragraph_target_id":"143608"}}

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Abuse of Dominance

Denial of market access

Refusal to deal

Restrictive conditions

LSI Judge Name

Ravneet Kaur

Sweta Kakkad

Mr. Deepak Anurag

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Elite Pro Basketball Private Limited

Basketball Federation of India

Sports

3 - Anti-competitive agreements

3(4)(c ) - Exclusive distribution arrangement

3(4)(d) - Refusal to deal

4 - Abuse of dominant position

4(1) - Abuse of dominant position

4(2)(b)(i) - Limits/ restricts production of goods/ provision of service

4(2)(c) - Indulges in practices that deny market access

19 - Inquiry into certain agreements and dominant position of enterprise

26(1) - Direct DG investgation if the Commission thinks there exists a prima facie case

48 - Contravention of companies

LSI Citation

LSI-1725-CCI-2025-(NDEL)

LSI Judiciary Level

LSI City/Bench

LSI: Act/Rules/Regulations/Code

CCI: Closes information against Singareni Collieries; Holds no bid-rigging or competition issue

swati.durkar@taxsutra.com — Tue, 25 Nov 2025 07:32:35 +0000

CCI: Closes information against Singareni Collieries; Holds no bid-rigging or competition issue swati.durkar@t… Tue, 25/11/2025 - 13:02

Conclusion

CCI closes an information filed by Universal Gauges and Instruments (Informant) against The Singareni Collieries Company Ltd. (OP), alleging contravention of Sec.3(3)(d) of the Competition Act through unfair disqualification in a tender process; Notes that the Informant, a company established in 1986 for design, development and manufacturing of special application, diagnostic tools and workshop equipment, participated in a tender for procurement of tyre dismantling machine designed for disassembly and assembly of Off the Road (OTR) tyres, and was disqualified at the Pre-Qualification stage based on a technical parameter evaluation report which stated that the machine supplied by the Informant to National Mineral Development Corporation Ltd. NMDC) was not operational from the date of commissioning, thus failing the proveness criteria; Remarking that “…apart from making a cursory reference to the violation, no specific conduct has been stated in the Information indicating allegations of bid-rigging as envisaged under Section 3(3)(d)….”, Commission finds that the Informant produced no bidder details, bid quotes, IP addresses or other evidence to support allegations of bid-rigging; Lastly, acknowledging that “…procurers have the autonomy to set their own tender terms and conditions…a tender design/technical qualification (disqualification) is the prerogative of the procurer, which is best suited to understand and appreciate its requirements.”, CCI finds no competition concern on the facts and concludes that no prima facie case of bid-rigging u/s 3(3)(d) is made out, directing closure of the Information u/s 26(2)

Cases Reference

2025-11-25

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order1763619257__1_.pdf

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The order was passed by Ms. Ravneet Kaur (Chairperson), Mr. Anil Agrawal (Member), Ms. Sweta Kakkad (Member), and Mr. Deepak Anurag (Member).

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Universal Gauges and Instruments vs. The Singareni Collieries Company Ltd.

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{"126370":{"site":"89519","paragraph_target_id":"143523"},"126453":{"site":"89519","paragraph_target_id":"143606"},"126454":{"site":"89519","paragraph_target_id":"143607"},"126455":{"site":"89519","paragraph_target_id":"143608"}}

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Bid-rigging

LSI Judge Name

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Universal Gauges and Instruments

The Singareni Collieries Company Ltd.

Mining

3(3)(d) - Bid rigging or collusive bidding

19 - Inquiry into certain agreements and dominant position of enterprise

26(2) - Closing the matter if the Commission thinks there exists no prima facie case

LSI Citation

LSI-1706-CCI-2025-(NDEL)

LSI Judiciary Level

LSI City/Bench

press_release1763471300__1_.pdf

LSI: Act/Rules/Regulations/Code

CCI: Clears India Resurgence Fund’s acquisition in Shree Digvijay Cement

swati.durkar@taxsutra.com — Tue, 25 Nov 2025 07:29:50 +0000

CCI: Clears India Resurgence Fund’s acquisition in Shree Digvijay Cement swati.durkar@t… Tue, 25/11/2025 - 12:59

Conclusion

CCI approves the proposed combination envisaging the acquisition of shareholding by India Resurgence Fund (IndiaRF) in Shree Digvijay Cement Company Ltd. , the proposed long-term business arrangement between Hi-Bond (India) Pvt. Ltd. and Digvijay Cement Company and the proposed acquisition of shareholding by Digvijay in Hi-Bond; Commission observes that IndiaRF is a Category II Alternative Investment Fund registered with SEBI and is managed by India Resurgence Asset Management Business Pvt. Ltd.; Lastly, CCI records that Digvijay and Hi-Bond are engaged in the manufacture and sale of grey cement

Cases Reference

2025-11-18

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Hi-Bond (India) Pvt. Ltd.

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Hi-Bond (India) Pvt. Ltd.

Digvijay Cement Company Limited

Cement

5(a) - Acquisition of enterprise

31(1) - Where no appreciable adverse effect apprehended, approve combination

LSI Citation

LSI-1705-CCI-2025-(NDEL)

LSI Judiciary Level

LSI City/Bench

press_release1763471233__1_.pdf

LSI: Act/Rules/Regulations/Code

CCI: Allows ADES International Cayman’s merger with and into Shelf Drilling

swati.durkar@taxsutra.com — Tue, 25 Nov 2025 07:25:50 +0000

CCI: Allows ADES International Cayman’s merger with and into Shelf Drilling swati.durkar@t… Tue, 25/11/2025 - 12:55

Conclusion

CCI approves the proposed combination entailing the merger of ADES International Cayman (ADES), a wholly owned subsidiary of ADES International Holding Ltd. (ADES International), with and into Shelf Drilling Ltd., such that- (i) Shelf Drilling will be the surviving entity, (ii) proceeds from the merger to the shareholders of Shelf Drilling will be settled in cash, and (iii) Shelf Drilling will become a wholly owned subsidiary of ADES International; Notes that ADES International operates as a holding entity, consolidating the ADES Group’s subsidiaries engaged in the oil and gas drilling sector, with its primary activities focused on investing in and managing these subsidiaries; Commission further observes that ADES is a newly incorporated entity with no current business activities, and that ADES International and ADES form part of the ADES Group, which provides oil and gas drilling and production services through its three offshore jackup rigs in India; Lastly, Commission records that the “Shelf Group” consists of Shelf Drilling and its downstream affiliates, and in India, it is engaged in operating and chartering drilling rigs as well as providing oil-field related services for offshore drilling and oil and gas exploration and development activities

Cases Reference

2025-11-18

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Merger

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ADES International Cayman

ADES International Holding Ltd

Shelf Drilling Limited

Oil & Natural Gas

5(a) - Acquisition of enterprise

31(1) - Where no appreciable adverse effect apprehended, approve combination

LSI Citation

LSI-1704-CCI-2025-(NDEL)

LSI Judiciary Level

LSI City/Bench

press_release1762866791.pdf

LSI: Act/Rules/Regulations/Code

CCI: Approves Wilmar Group subsidiary’s stake acquisition in AWL Agri Business

swati.durkar@taxsutra.com — Tue, 25 Nov 2025 07:22:12 +0000

CCI: Approves Wilmar Group subsidiary’s stake acquisition in AWL Agri Business swati.durkar@t… Tue, 25/11/2025 - 12:52

Conclusion

Commission approves the proposed acquisition of up to 20% and at least 11% of AWL Agri Business Ltd. (Target, formerly Adani Wilmar Ltd.) paid-up equity share capital by Lence Pte. Ltd. (Acquirer), who already holds 43.94%, resulting in the Acquirer’s post-transaction shareholding ranging between 54.94% and 63.94%; CCI observes that the Acquirer is a wholly-owned subsidiary of Wilmar International Ltd. and part of the Wilmar Group, which has no direct business presence in India except through the Target and Shree Renuka Sugars Ltd. (SRS), with SRS engaged in milling, refining, and selling sugar; Lastly, CCI records that Target is engaged in FMCG business comprising primarily of edible oil, food, FMCG and Industry essential segments (including soaps, cleaners, etc.)

Cases Reference

2025-11-11

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Lence Pte. Ltd

AWL Agri Business Limited

FMCG

5(a) - Acquisition of enterprise

31(1) - Where no appreciable adverse effect apprehended, approve combination

LSI Citation

LSI-1703-CCI-2025-(NDEL)

LSI Judiciary Level

LSI City/Bench

Nagrik_Chetna_Manch_vs__Fortified_Security_Solutions___others__1_.pdf

LSI: Act/Rules/Regulations/Code

CCI: Sustains maximum 10% penalty basis global turnover for bid-rigging in PMC solid-waste tenders

swati.durkar@taxsutra.com — Thu, 20 Nov 2025 11:46:49 +0000

CCI: Sustains maximum 10% penalty basis global turnover for bid-rigging in PMC solid-waste tenders swati.durkar@t… Thu, 20/11/2025 - 17:16

Conclusion

CCI refuses to grant relief to Fortified Security Solutions & Ors. (OPs) in a case remanded by NCLAT, holding that the OPs are not entitled to any reduction of the 10% penalty imposed for bid-rigging in violation of the provisions of the Competition Act, in Pune Municipal Corporation (PMC) tenders; The Informant alleged that OPs were involved in collusive bidding in PMC tenders for solid-waste processing plants, as also confirmed by the DG investigation, which expanded the scope to include additional parties, further, the said findings were upheld by the NCLAT on merits while remanding the aspect of penalty imposed by CCI at 10% back to the CCI by giving another opportunity to OPs; Noting that the CCI (Determination of Monetary Penalty) Guidelines, 2024 prescribe using an enterprise’s relevant turnover, Commission holds this approach unsuitable in the present case since some entities were not engaged in the Solid Waste Management market, and remarks that “…where such parties have admittedly submitted cover bids but are not engaged in solid waste management…interpretation of ‘turnover’ as ‘relevant turnover’ in terms of the Excel Crop Care Case would not be appropriate as this would imply that either no penalty would be leviable on certain parties who had indulged in cover bidding, or they would be penalised more harshly on their global turnover than their counterparts who may have comparatively less relevant turnover but have in fact abetted as well as participated in the bid-rigging arrangement.”; Thus, basing the penalty on the 'global turnover' of the erring entities and noting the admission by the OPs of their respective roles in the bid-rigging arrangement by way of filing lesser penalty applications, CCI rejects their pleas of being first-time offenders in lieu of their repeated indulgence in the illegal acts in multiple tenders; Lastly, Commission states that the reduction in penalty considering mitigating factors was already done by it in its earlier orders, and finding the OPs to have indulged in egregious conduct by repeated participation in bid rigging/ collusive bidding to manipulate the public procurement process, CCI upholds the maximum penalty u/s 27(b) i.e. 10% of each OP’s average global turnover for the preceding three FYs

Cases Reference

2025-11-10

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The order was passed by Ms. Ravneet Kaur (Chairperson), Mr. Anil Agrawal (Member), and Mr. Sweta Kakkad (Member) and Mr. Deepak Anurag (Member).

Advocates Rishabh Jaitley, Aditi Sharma, Kartik Nagarkatti and Aditi Sharma appeared on behalf of the OPs.

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Nagrik Chetna Manch vs. Fortified Security Solutions & Ors.

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LSI Nature of issues

Appreciable adverse effect on competition

Anti-competitive Agreements

Bid-rigging

Cartelization

Collective bargaining

LSI Judge Name

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Nagrik Chetna Manch

Fortified Security Solutions

Ecoman Enviro Solutions Pvt. Ltd.

Pune Municipal Corporation

Lahs Greens India Pvt. Ltd

Sanjay Agencies & Anr.

Mahalaxmi Steels

Raghunath Industry Pvt. Ltd.

Infrastructure

3 - Anti-competitive agreements

3(1) - Appreciable adverse effect on competition within India

3(3) - Enterprises having appreciable adverse effect on competition

3(3)(d) - Bid rigging or collusive bidding

19 - Inquiry into certain agreements and dominant position of enterprise

27 - Orders by Commission after inquiry into agreements or abuse of dominant position

48 - Contravention of companies

LSI Citation

LSI-1684-CCI-2025-(NDEL)

LSI Judiciary Level

LSI City/Bench

press_release1762519754__1_.pdf

LSI: Act/Rules/Regulations/Code

CCI: Clears acquisition of IL JIN Electronics’ stake by ChrysCapital Fund X, others

swati.durkar@taxsutra.com — Tue, 11 Nov 2025 10:25:04 +0000

CCI: Clears acquisition of IL JIN Electronics’ stake by ChrysCapital Fund X, others swati.durkar@t… Tue, 11/11/2025 - 15:55

Conclusion

CCI approves the proposed combination that pertains to the acquisition by ChrysCapital Fund X, Two Infinity Partners, and Raptor Investments Ltd. (Acquirers), collectively, of certain compulsorily convertible preference shares and equity shares in IL JIN Electronics (India) Pvt. Ltd. (Target); Notes that Acquirers are private equity investors; Further, the Commission observes that the Target provides electronic manufacturing services, including the manufacturing of printed circuit board (PCB) assemblies, PCBs, and box-built products such as set-top boxes, smart watches, micro-inverter smart meters, routers, chargers, and true wireless speakers; Lastly, CCI records that Target is also engaged in providing energy solutions, including uninterrupted power supply, solar inverters, battery energy storage systems, electric vehicle chargers, and industrial software and hardware automation solutions through its relevant entities

Cases Reference

2025-11-07

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IL JIN Electronics (India) Pvt. Ltd.

Energy

5(a) - Acquisition of enterprise

31(1) - Where no appreciable adverse effect apprehended, approve combination

LSI Citation

LSI-1630-CCI-2025-(NDEL)

LSI Judiciary Level

LSI City/Bench