The Competition Commission of India (CCI) approves acquisition by (a) Katsura Investments in Varmora Granito Private Limited and certain other entities; and (b) Varmora Granito Private Limited in some of its Group Companies and other entities.

The CCI approved the proposed combination pertaining to: (i) the Katsura Investments’s (Acquirer) acquisition of up to 40% equity shareholding in the Varmora Granito Private Limited (Target) on a fully diluted basis along with acquisition of certain rights in the Target and certain other Target Entities; and (ii) the Target’s acquisition of ownership interest in Renite and Simola and additional shareholding in some of its group companies (collectively referred to as the Proposed Combination)

The Acquirer is a newly incorporated, special purpose vehicle, incorporated under the laws of Republic of Mauritius and does not have any business activities in India. It is solely controlled by CAPG-II, an investment fund that is advised by the affiliates of the Acquirer Group.

The Acquirer Group is a global alternative asset manager, which manages funds that invest globally across three investment disciplines: (i) global private equity (including corporate private equity, real estate, and natural resources funds); (ii) global credit (including liquid credit, illiquid credit, and real assets credit); and (iii) investment solutions (private equity fund of funds program, which include primary fund, secondary and related co-investment activities).

The Target, Tocco Ceramic, Solaris Ceramics, Conffi Sanitaryware, Covertek Ceramica, Varmora Ceramics and Nextile are part of the Target group and are primarily engaged in manufacturing of building materials; particularly slabs, floor tiles, wall tiles, sanitary ware, faucets, kitchen sinks, and tiles adhesives & allied, etc. Renite is engaged in the business of manufacturing vitrified tiles in India. Simola is engaged in the business of manufacturing vitrified tiles in India.

 

Detailed order of the CCI will follow.

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RM/MV/KMN

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