CCI clears Schneider Electric India, MacRitchie's buyout of L&T arm
Updated : June 07, 2019 06:57 AM IST
The Ministry of Corporate Affairs (MCA) in a statement, however, noted that the acquisition could lead to lesser competition in the market. Therefore the CII has ordered the acquirers to reserve a part of L&T's installed capacity to offer white labelling services to third-party competitors.
The approval is subject to modifications that are aimed at eliminating the likely anti-competitive effects of the proposed acquisition.
Under the white labelling services, the third party competitors can take L&T products on a reasonable price for selling under their own brand, for a period of five years, as per the official statement.
Have you signed up for Primo, our daily newsletter?It has all the stories and data on the market, business, economy and tech that you need to know.
THANK YOU! You made our day. See you every morningYOUR EMAIL IS ON ITS WAY. Check your inbox for future updates.
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more