On Tuesday, the Competition Commission of India (CCI) cleared Caladium Investment Pte. Ltd’s acquisition of about 7.49 per cent shareholding in Aditya Birla Fashion and Retail Ltd. The said acquisition is fully diluted through preferential issuance of equity and warrants.

Caladium Investment Pte. Ltd. is an affiliate of Singapore-based sovereign wealth fund GIC. The GIC Investor is a special purpose vehicle (SPV) organised as a private limited company and managed by GIC Special Investments Private Ltd (GICSI).

In May, Aditya Birla Fashion and Retail Ltd (ABFRL) informed that it is about to raise up to Rs 2,195 crore from Caladium Investments, a GIC investor. Headquartered in Mumbai, ABFRL is engaged in the business of manufacturing and retailing branded apparel.

A publicly listed company, it has a network of 3030+ stores with a presence across 25,000 multi-brand outlets. Before its Aditya Birla Group’s acquisition, ABFRL was known as Pantaloons Fashion & Retail Ltd.

It is to be noted that deals beyond certain threshold levels require assent from CCI. Formed on 14 October 2003, the Competition Commission of India is a statutory body and the main national competition regulator in the country. It functions under the Ministry of Corporate Affairs and is responsible for enforcing the Competition Act, 2002, to promote competition and prevent activities that adversely affect competition in India.