CCI approves acquisition of certain stake in Vodafone Group PLC by Vega SAS (See 'Corp Brief') CCI approves acquisition of equity of Solenergi Power by Aditya Birla Renewables (See 'Corp Brief') CCI approves acquisition of certain shareholding in Navi Ltd by MIH Payments (See 'Corp Brief') Insolvency and Bankruptcy Code, 2016 - A post-admission settlement can automatically bypass statutory mechanism mandated under Section 12A of the IBC, 2016, particularly in light of stringent amended provisions governing withdrawal of admitted applications: NCLAT (See 'Legal Desk') CCI approves acquisition of equity share capital of IntelliSmart Infrastructure by Adani Energy (See 'Corp Brief') CCI approves merger of Sapphire Foods India with and into Devyani International (See 'Corp Brief') 87 Crores Individuals Screened for Oral, Breast and Cervical Cancers (See 'Corp Brief') Insolvency and Bankruptcy Code, 2016 - Liquidator's claim for refund cannot be adjudicated in the summary jurisdiction under Section 60(5) of the Code, more so where the parties' claims have not been crystallised through adjudication: NCLT (See 'Legal Desk') India-BLEU Joint Economic Commission Session Held in Luxembourg (See 'Corp Brief') India to promote South-South Cooperation and share Agricultural Innovations (See 'Corp Brief') Companies Act, 2013 - Pendency of challenge to a judgment before a Division Bench does not extinguish its binding force, where judgment is neither set aside nor stayed: HC (See 'Legal Desk') Of 137 commercial mines allocated since 2020, 25 are producing (See 'Corp Brief') MoS releases Foreign Language Compendium of DRDO Products for engagement with international partners (See 'Corp Brief') Trade Marks Act, 1999 - Court's intervention is needed where the parties furnish affidavits making undertakings that effectively resolve the issues at hand: HC (See 'Legal Desk') An unsuccessful 'success fee' litigation (See CORP EINSICHT)

Print

CCI approves restructuring of existing business of Re Sustainability Limited

Published: Aug 08, 2024

By TIOLCorplaws News Service

NEW DELHI, AUG 08, 2024: THE Competition Commission of India (CCI) has approved restructuring of the existing business of Re Sustainability Limited (ReSL), its subsidiaries, and joint ventures through demerger of the municipal solid waste (MSW) business and waste to energy (WTE) business (Demerged Businesses) to Ramky Sustainability Solutions Private Limited (RSSPL), a newly incorporated entity.

The Parties to the proposed combination are (a) ReSL; (b) Mumbai Waste Management Limited (MWML); (c) RSSPL; (d) Metropolis Investment Holdings Pte. Ltd. (Metropolis); (e) Mr. A. Ishaan (Ishaan), Mr. A. Ayodhya Rami Reddy, RK Ventures, Mrs. A. Veeraraghavamma and Mr. A. Sharan (collectively referred to as "Founding Group").

Post the proposed combination, the fully diluted shareholding of RSSPL will mirror ReSL's existing shareholding pattern in terms of the shareholding of Metropolis and the Founding Group, respectively. The Founding Group will cede certain rights in the retained businesses of ReSL (Retained Businesses) and Metropolis will cede certain rights in the Demerged Businesses housed under RSSPL.

ReSL : ReSL is in the business of industrial waste management, municipal solid waste management, bio-medical waste management, operation of waste to energy plants, recycling, and other related environmental services in India.

MWML : MWML is a wholly owned subsidiary of ReSL. It will amalgamate into ReSL and cease to exist as an independent entity. It is engaged in the industrial waste management and the biomedical waste management business in India.

RSSPL: RSSPL is a newly incorporated company and currently does not have any business activities in India. However, post the proposed combination, RSSPL will comprise the Demerged Businesses and its shareholding will mirror the shareholding of ReSL.

Metropolis: Metropolis is an investment company incorporated under the laws of Singapore and has been registered as a Foreign Venture Capital Investor under the SEBI (Foreign Venture Capital Investor) Regulations, 2000. Metropolis is indirectly wholly owned by investment funds, vehicles, and/or accounts advised and managed by various subsidiaries of KKR & Co. Inc. (KKR & Co . and together with its subsidiaries, "KKR"). KKR is a global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR sponsors investment funds that invest in private equity, credit, and real assets and has strategic partners that manage hedge funds.

Founding Group: The members of the Founding Group comprise individual family members and RK Ventures. The members hold shares in ReSL and are part of the Ramky group which is engaged in activities in India such as waste management (through ReSL), development of infrastructure and real estate, and pharmaceuticals.

TIOL CORP SEARCH

TIOL GROUP WEBSITES

taxindiaonline
taxindiainternational
TKF
TIOLawards
A TIOL Website. Copyright © 2025 TIOLcorplaws.com All rights reserved.