The Competition Commission of India approved three deals on Wednesday involving Tribhovandas Bhimji Zaveri, Cloudnine, and FarMart. The regulator cleared GRT Jewellers to buy a majority stake in TBZ. It also allowed NuageLux BidCo to purchase a 23% stake in Kids Clinic and approved new investments into the firm FarMart.
The Competition Commission of India has sanctioned three key transactions across various industries. Notably, GRT Jewellers' majority stake acquisition in Tribhovandas Bhimji Zaveri received approval. Moreover, NuageLux BidCo's acquisition of a 23% equity stake in Kids Clinic India Limited was also greenlit. Lastly, FarMart Service Private Limited successfully attracted investments from multiple development finance institutions, highlighting the vibrant investment climate in the jewellery, healthcare, and agricultural sectors of India.
The Competition Commission of India has approved three transactions involving jewellery retailer Tribhovandas Bhimji Zaveri, hospital chain Cloudnine and agricultural commodities trader FarMart, according to separate official statements issued on Wednesday.
The competition regulator cleared GRT Jewellers (India) Private Limited's proposed acquisition of a majority stake in Tribhovandas Bhimji Zaveri Limited. Both companies manufacture and sell gems and jewellery in India, while TBZ is publicly listed.
In healthcare, the regulator approved NuageLux BidCo's proposed purchase of approximately 23% of Kids Clinic India Limited on a fully diluted basis. Kids Clinic operates the Cloudnine chain of super-specialty hospitals, focused on mother and baby care.
Its services span maternity, gynaecology, paediatrics and fertility, with centres across several Indian cities.
NuageLux is a newly incorporated Luxembourg company and a special purpose vehicle ultimately controlled by Permira Holdings. The vehicle has no operations or presence in India or globally, the statement said. Permira's private equity portfolio includes businesses across healthcare, consumer, services, technology and energy transition.
The CCI also approved acquisitions of equity shareholding in FarMart Service Private Limited by Impact Fund Denmark, Belgian Investment Company for Developing Countries and Orios Fund IIIa.
FarMart trades agricultural products and commodities with businesses in India and overseas. Impact Fund Denmark and the Belgian investor are development finance institutions. Orios is a scheme of Orios Venture Partners Fund III, a registered alternative investment fund.