New Delhi: The Competition Commission of India (CCI) approved acquisition of Tata Communications Limited (TCL) by Panatone Finvest Limited, under Section 31(1) of the Competition Act, 2002, today. A detailed order of the CCI in this regard will follow.
The deal envisages the acquisition of shareholding not exceeding 26.12% by Panatone Finvest Ltd in Tata Communications Ltd.
Panatone Finvest Limited is a Systemically Important Non-Deposit Taking Core Investment Company (“CIC-ND-SI”) registered with the Reserved Bank of India and is a subsidiary of Tata Sons and belongs to the Tata Group.
TCL is part of the Tata group and is a facilities-based service provider of a broad range of integrated communications services. It generates revenue from three business segments – wholesale voice, enterprise and carrier data and others. In India, TCL is, directly and indirectly through its subsidiaries, engaged in the following activities:
- International Long-Distance services (“ILD”) – voice;
- National Long-Distance services (“NLD”) – voice;
- Undersea cable systems (“UCS”);
- Internet Service Provider (“ISP”), offering connectivity, messaging, Internet telephony; and
- Enterprise business providing valued added services
– global bihari bureau
