Tomorrow, 1 June 2011, the merger control provisions of the Indian Competition Act 2002 will finally enter into force. If you are contemplating M&A activity with binding agreements being signed as of tomorrow, you will need to carefully consider this new merger control regime.
The Competition Act is broad in the types of transactions it deems to constitute notifiable mergers. Fortunately, the Competition Commission of India (“CCI”) has published Regulations this month which narrow the application of the new Act. This is a welcome development, particularly the requirement for the target to have at least some Indian assets and turnover for a filing to be triggered. Nonetheless, we expect to see a significant number of transactions being notified to the CCI as a result of the new law coming into force.
The key points you need to know about this new competition regime are...
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