Panatone to buy govt stake in Tata Comm

NEW DELHI: The Competition Commission of India (CCI) said it has approved acquisition of shares of Tata Communications Ltd (TCL) by Panatone Finvest Ltd.

The proposed deal envisages acquisition of shareholding not exceeding 26.12 per cent by Panatone Finvest Ltd in Tata Communications Ltd (erstwhile VSNL).

Panatone Finvest Ltd is a non-deposit taking core investment arm of Tata Sons.

The Government of India looks to divest its 26.12 per cent equity stake in TCL. The Cabinet Committee on Economic Affairs (CCEA) on 30 December 2020 approved sale of stake in TCL.

After the acquisition of shares, Panatone Finvest would increase its shareholding from 48.87 per cent to such shareholding not exceeding 74.99 per cent.

"Commission approves acquisition of shares of Tata Communications Limited by Panatone Finvest (A Systematically Important Non-Deposit Taking Core Investment Company of Tata Sons)," a tweet said.

The CCI also approved acquisition of glass packaging business of Piramal Glass and shareholding in its subsidiaries, Vivid Glass Trading & certain businesses of Ansapack Pvt Ltd, by PGP Glass -- an affiliate of Blackstone Group. It also approved the acquisition of certain shareholding in API Holdings by CDPQ PE Asia.