Market Intelligence

A merger or acquisition is assessed not only on the basis of its transaction documents, but also against the commercial circumstances in which it takes place and its potential effect on competition. For businesses proposing a combination before the Competition Commission of India (CCI), the preparation of a merger notification should therefore begin well before the filing is assembled.

On June 2, 2026, the CCI directed the Director General (‘DG’) to investigate Mrs. India Inc., a sole proprietorship that organises beauty pageants for married women, and to report within 90 days. The CCI found a prima facie case of contravention of Sections 3(4)(a), 3(4)(b), 4(2)(a)(i), 4(2)(b)(i), and 4(2)(d) of the Act.

The CCI, acting on a leniency application filed by Dentsu India in February 2024 under Section 46 of the Act initiated an investigation into alleged cartelisation in India’s advertising and media-buying industry. The investigation concerns allegations that several global advertising networks operating in India including Wire and Plastic Products plc’s GroupM, Publicis (through its Indian operating entity, TLG India Pvt. Ltd. (‘TLG’)), Dentsu, Omnicom and others, colluded to fix advertising rates, commissions, and discounts charged to advertisers, in contravention of Section 3(3) of the Act.

The CCI unconditionally approved Ancat’s acquisition of 29.06% shareholding in PUMA under Section 31(1) of the Competition Act, 2002 (‘Act’). The proposed combination would lead to Ancat increasing its shareholding in PUMA from 2.9% to around 32% (although post the completion of the proposed combination, Ancat’s shareholding in PUMA will be reduced to less than 30%).

Two informations were filed by Adv. Aditya Tripathi and Adv. Arun Gaur (‘Informants’), against Godrej & Boyce Mfg. Co. Ltd. (‘Godrej’) and fifteen procuring entities, alleging contravention of Sections 3 and 4 of the Act. The Informants alleged systemic manipulation of the public procurement process in the institutional furniture market, whereby procuring entities framed tender specifications, line drawings, and photographs that were exact replications of Godrej’s proprietary product catalogue, the effect of which was to facilitate Godrej to win these tenders, which effectively foreclosed competition and denied market access to rival manufacturers.

Temasek Holdings' subsidiary Jongsong Investments acquired a 14.56% stake in Indian medical device manufacturer Romsons Group through a combination of preference share subscription and purchase from the Khanna family. The Competition Commission of India examined horizontal overlaps in medical devices and personal care products, along with twelve vertical and three complementary relationships involving Temasek portfolio companies, ultimately approving the transaction despite multiple market linkages.