CCI Approval of Great White Global and ITVIS Acquisitions
The Competition Commission of India has granted approval for a multi-part acquisition involving Great White Global Private Limited and ITVIS Innovations Private Limited. The approval covers the proposed acquisition of 50% of the issued and paid-up equity share capital of Great White Global by ISAF III Onshore Fund, India Special Assets Fund III, and Special Situation India Fund (collectively referred to as EAAA Acquiring Entities), along with Mr. Mehul Jadavji Shah, Ms. Julie Mehul Shah, and Mehul Shah HUF (collectively referred to as Continuing Promoter).
The transaction will be implemented through a series of inter-connected steps, including acquisition through Great White Holdings Private Limited (designated as Acquisition SPV), followed by the subsequent merger of this Acquisition SPV with and into Great White Global. Additionally, the approval encompasses the proposed acquisition of sole control over ITVIS Innovations Private Limited by Mr. Mehul Shah.
The EAAA Acquiring Entities are schemes of irrevocable and contributory determinate trusts registered with SEBI as alternative investment funds or schemes of an AIF. These entities are managed by EAAA India Alternatives Limited, which serves as their investment manager. EAAA is described as one of India's leading multi-strategy alternative asset management platforms and is directly controlled by entities that are wholly owned subsidiaries of Edelweiss Financial Services Limited.
The Acquisition SPV is a recently incorporated Indian private limited company established solely for implementing this transaction. The Continuing Promoter group consists of Indian resident individuals Mr. Mehul Shah and Ms. Julie Shah, along with the Mehul Shah HUF.
Great White Global operates primarily as an Indian fast-moving electrical goods (FMEG) and electrical infrastructure products company. Additionally, the company is engaged in the manufacture and sale of beauty and personal care products, including shaving blades, shaving foam, razors, shaving cream, and aftershave lotion.
ITVIS Innovations Private Limited is an Indian company engaged in the design, development, supply, and integration of intelligent lighting solutions, lighting automation products, smart electrical and sensor-based systems, and energy-efficient lighting technologies.
The Commission noted that a detailed order will follow this approval announcement.