The Competition Commission of India (CCI) on Tuesday said it has cleared the acquisition of logistic firm Ecom Express by Delhivery and that of SML Isuzu by Mahindra and Mahindra (M&M).
Delhivery, an integrated logistics player, will pick up at least 99.44% of the equity and preference shareholding (on a fully diluted basis) of its rival Ecom, according to a statement by the antitrust regulator.
In April, Delhivery had announced the acquisition in an all-cash deal worth Rs 1,407 crore. Ecom provides logistics solutions mainly to the e-commerce industry.
Delhivery provides a broad range of logistics services, including express parcel delivery, heavy goods delivery, full truckload freight, part-truckload freight, warehousing and supply chain services and cross border express services, the regulator said. It operates through a network of domestic and global partners and has made investments in automation, among other things.
As for the acquisition of SML Isuzu by M&M, the regulator said the target is “engaged in the business of manufacture and sale of commercial vehicles”.
M&M had in April declared that it would acquire a 58.96% stake in SML Isuzu for Rs 555 crore. In addition, it will make an open offer in accordance with capital markets regulator Sebi’s takeover regulations.
