6:38:27 PM PDT - Sunday, August 14th, 2022

India seeks antitrust scrutiny of global M&A deals  

By Editor - Fri Aug 05, 3:02 am

India is a key overseas market for several global tech giants including Meta and Google. Now the South Asian nation is gearing up to have its voice heard for global M&A deals. New Delhi has proposed amendments to its Competition Act, 2002, to introduce a number of changes including requiring the permission of local watchdog (Competition Commission of India) for all overseas deals exceeding $252 million in value for firms with “substantial business operations in India.” India, the world’s second largest internet market that has drawn investments of tens of billions of dollars from Meta, Google and Amazon and venture capitalists including SoftBank, Sequoia and Tiger Global, has traditionally scrutinized deals based on asset size and not the transaction value. According to law firm Shardul Amarchand Mangaldas, Indian regulator approved over 700 fillings in the past decade alone. But things appear to be taking a shift and attempting to bring parity between India’s position to those of China, U.S., and Europe. “There has been a significant growth of Indian markets and a paradigm shift in the way businesses operate in the last decade. In view of the economic development, emergence of various business models and the experience gained out of the functioning of the Commission, the Government of India constituted Competition Law Review Committee, to examine and suggest the modifications in the said Act,” the bill published Friday afternoon said

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India seeks antitrust scrutiny of global M&A deals

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