CCI Approves Acquisition of Stake in Great White Global by Investment Funds and Promoters

The Competition Commission of India (CCI) has approved the proposed acquisition of 50% of the issued and paid-up equity share capital of Great White Global Private Limited (Great White) by ISAF III Onshore Fund, India Special Assets Fund III, Special Situation India Fund, and the continuing promoters: Mehul Jadavji Shah, Julie Mehul Shah and Mehul Shah HUF. 

The transaction is proposed to be implemented through a series of interconnected steps, including the subsequent merger of Great White Holdings Private Limited, the acquisition special purpose vehicle, with and into Great White. 

Separate ITVIS Transaction 

The approved combination also includes the proposed acquisition of sole control over ITVIS Innovations Private Limited (ITVIS) by Mehul Shah. 

The Great White transaction and the ITVIS transaction together constitute the proposed combination. 

Entities Involved 

The three acquiring funds are schemes of irrevocable and contributory determinate trusts registered with the Securities and Exchange Board of India as alternative investment funds or schemes of an AIF. They are managed by EAAA India Alternatives Limited, which acts as their investment manager. EAAA is controlled directly by entities wholly owned by Edelweiss Financial Services Limited. 

Great White is primarily engaged in the fast-moving electrical goods (FMEG) and electrical infrastructure products sector. It also manufactures and sells beauty and personal care products, including shaving blades, shaving foam, razors, shaving cream and aftershave lotion. 

ITVIS is engaged in the design, development, supply and integration of intelligent lighting solutions, lighting automation products, smart electrical and sensor-based systems, and energy-efficient lighting technologies.