CCI approves Adani’s acquisition of remaining stake in Krishnapatnam Port

The acquirer is a private multi-port operator. It is currently present at 11 ports in six maritime states of Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha. It already holds 75 per cent shareholding of the target. With the conclusion of the proposed combination, the acquirer will hold 100 per cent shareholding and sole control of the target.

The target is engaged as a developer and operator of an all-weather, deepwater multi-purpose port located at Krishnapatnam, Andhra Pradesh, under `Build-Operate-Share-Transfer’ concession from the government of Andhra Pradesh.

The Competition Commission of India (CCI) also today approved the acquisition of YES Asset Management (India) Limited (YES AMC) and YES Trustee Limited(YES Trustee) by GPL Finance and Investments Limited (GPL).

The proposed combination envisages acquisition of 100 per cent equity shares of YES AMC and YES Trustee by GPL. By way of these acquisitions, GPL will acquire Yes Mutual Fund and become its sole sponsor.

GPL is registered with the Reserve Bank of India as a non-deposit taking and non-systemically important non-banking financial company. It is classified as an investment company and is primarily engaged in the business of making investments in mutual funds and providing referral and support services to White Oak Capital. GPL is part of the White Oak Group.

The White Oak Group is an investment management and investment advisory group founded by Prashant Khemka.

YES AMC belongs to the YES Bank Limited group. It acts as an asset management company / investment manager to YES Mutual Fund.

YES Trustee belongs to the YES Bank Limited group. It is the exclusive owner of the trust fund of YES Mutual Fund and holds the same in trust for the benefit of the unit holders.

CCI said it would issue detailed orders later.