CCI Approves Acquisition of STT GDC by Opal Bidco
The Competition Commission of India has granted approval for the acquisition by Opal Bidco Pte. Ltd. of 100% shareholding in STT GDC Pte. Ltd. The proposed combination involves multiple entities acquiring economic interest in STT GDC on a see-through basis, including Ruby Asia Holdings II Pte. Ltd. (an SPV indirectly wholly owned by investment funds managed by KKR subsidiaries), Singtel Interactive Pte. Ltd. (a wholly owned subsidiary of Singapore Telecommunications Limited), Sunstone Investment Pte. Ltd. (a Singapore SPV), and One Hundred And Thirty First Investment Company – Sole Proprietorship LLC (an indirect wholly owned subsidiary of Mubadala Investment Company PJSC).
STT GDC is a data centre provider and direct subsidiary of STT Communications Ltd., with presence in India through its indirect subsidiary, STT Global Data Centres India Private Limited, which operates as one of several data centre players in the Indian market. The Singtel Group, parent of Singtel Interactive, is described as a provider of connectivity, digital services and digital infrastructure with presence across Asia, Australia and Africa. Mubadala is identified as a United Arab Emirates public joint stock company wholly owned by the Government of Abu Dhabi.
The Commission noted that a detailed order will follow this approval announcement. The transaction represents a significant foreign investment into the Indian data centre sector through the acquisition of STT GDC's Indian operations.