CCI Approves Acquisition of Great White Global and Related Business Transactions

The Competition Commission of India (CCI) has granted its approval for the acquisition of a portion of the equity share capital of Great White Global Private Limited and related transactions by ISAF III Onshore Fund, India Special Assets Fund III, Special Situation India Fund, along with Mr. Mehul Jadavji Shah, Ms. Juilee Mehul Shah, and Mehul Shah HUF.

There are two primary transactions involved in this proposed combination. First, through the 'Great White Transaction', 50% of the issued and paid-up equity share capital of Great White Global Private Limited will be acquired by the ISAF III Onshore Fund, India Special Assets Fund III, and Special Situation India Fund (the EAAA acquiring entities), as well as the existing promoters. This process will be carried out through Great White Holdings Private Limited (the acquisition SPV) and subsequently completed through merger phases.

Secondly, under the 'ITVIS Transaction', the acquisition of sole control over ITVIS Innovations Private Limited (ITVIS) by Mr. Mehul Shah is proposed. These two transactions are collectively referred to as the 'Proposed Combination'.

The EAAA acquiring entities are trusts registered as Alternative Investment Funds (AIF) with the Securities and Exchange Board of India (SEBI), managed by EAAA India Alternatives Limited. EAAA is directly controlled by entities that are wholly-owned subsidiaries of Edelweiss Financial Services Limited.

Great White Global is primarily an Indian Fast-Moving Electrical Goods (FMEG) and electrical infrastructure products company, which is also active in the manufacturing and sale of Beauty and Personal Care (BPC) products. Meanwhile, ITVIS Innovations Private Limited focuses on the design and supply of intelligent lighting solutions, lighting automation, smart electrical, and energy-efficient lighting technologies.

The Commission has stated that a detailed order regarding this matter will be issued at a later date.