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CCI approves stake purchase by Panatone Finvest in Tata Communications

Published: Feb 23, 2021

By TIOLCORPLAWS News Service

NEW DELHI, FEB 23, 2021: THE Competition Commission of India (CCI) on Tuesday said it had approved acquisition of Tata Communications Limited (TCL) shares by Panatone Finvest.

The proposed combination will see the acquisition of shareholding not exceeding 26.12 per cent by Panatone Finvest in TCL, which the Central government is looking to divest.

"As a result of the proposed combination, Panatone Finvest/Tata Group would increase its shareholding from 48.87 per cent to such shareholding not exceeding 74.99 per cent," said the official statement.

Panatone is a systemically important non-deposit taking core investment arm of Tata Sons and belongs to the Tata group.

TCL too is part of the Tata group and is a facilities-based service provider of integrated communications services.

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