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ARTICLE · 26 APRIL 2023

M&A Impact Due To Changes In India's Competition Law

Majmudar & Partners
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The Indian parliament approved the Competition Amendment Act, 2023, on April 11, 2023.

IndiaAntitrust/Competition Law
Rukshad Davar
Rukshad Davar
Sinjini Majumdar
Sinjini Majumdar
Anshul Isaac
Anshul Isaac
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The Indian parliament approved the Competition Amendment Act, 2023, (the "Amendment Act") on April 11, 2023. The Amendment Act has also been published in the Official Gazette, although it is yet to come in force.

The main thrust of the Amendment Act is to counter the dominance of Big Tech, and it brings about weighty changes to the Competition Act, 2002 (the "Act").

Enhanced review of global transactions

The Amendment Act has amended Section 5 of the Act (which deals with combinations) by introducing the concept of deal value threshold (in addition to the asset and turnover (topline) based criteria) and, thus, expanded the review scope of the Competition Commission of India (the "CCI"). The Amendment Act now provides that any transaction related to the acquisition of control, shares, voting rights or assets of an enterprise, or merger or amalgamation having a value exceeding INR 20 billion (approx. US$ 245 million) will require CCI approval if the enterprise

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