CCI clears NBC Universal Media's stake buy in BTS Investment 1 and BTS VCC
A portion of the proceeds from the investment will be used by BTS Investment for further investment into Viacom18 Media Private Limited (Viacom18), CCI said in a release.
Fair-trade regulator CCI on Wednesday cleared the purchase of stake in BTS Investment 1 Pte and Bodhi Tree Systems VCC by NBC Universal Media.
BTS Investment 1 Pte Ltd (BTS Investment) is an investment venture firm of Asia Initiatives Pte Ltd, which is jointly held by James Murdoch's Lupa Systems and ex-chairman of Star and Disney India Uday Shankar, while Bodhi Tree Systems VCC (BTS VCC) is an affiliate of Asia Initiatives.
The proposed combination pertains to the acquisition by NBC Universal Media LLC (NBC Universal) of certain shareholding of BTS Investment and BTS VCC.
Further, a portion of the proceeds from the investment will be used by BTS Investment for further investment into Viacom18 Media Private Limited (Viacom18), CCI said in a release.
Last year in February, Murdoch and Shankar announced the formation of the firm, Bodhi Tree Systems (BTS).
Thereafter, in April, BTS announced that it is raising funds with a consortium of investors to invest Rs 13,500 crore in Viacom 18, as part of a tripartite partnership with billionaire Mukesh Ambani's Reliance, to form one of the largest TV and digital streaming firms in India.
The Competition Commission of India (CCI) has approved the deal.
NBC Universal is a multinational media and entertainment firm which is a wholly-owned subsidiary of Comcast Corporation.
Viacom 18 is engaged in providing media and entertainment services through its portfolio of channels and streaming app 'Voot'.
In another release on CCI, the regulator approved the acquisition of a 5.51% stake in Mukand Sumi Special Steel Ltd (MSSSL) by Jamnalal Sons Pvt Ltd (JSPL) from Mukand Ltd.
Mukand is a part of Bajaj Group while JSPL is an investment and lending company holding shares in various Bajaj Group Companies.
MSSSL is engaged in the business of manufacturing, selling and distributing special and alloy steel hot rolled bars.
Deals beyond a certain threshold have to be approved by CCI, which keeps a tab on unfair business practices.
Edited by Kanishk Singh