On November 14, 2019, CCI approved the acquisition of 23.5% equity share capital by Adani Properties Private Limited (‘APPL’) in Mumbai International Airport Limited (‘Target’) from Bid Services Division (Mauritius Limited) and ACSA Global Limited. (APPL is part of the Adani Group).[1]

On the issue of horizontal overlaps, CCI noted that Adani Group (through its entity Adani Enterprises Limited) had previously won bids conducted by the GoI to operate, maintain and develop six airports – Ahmedabad, Lucknow, Mangalore, Jaipur, Guwahati and Trivandrum. Accordingly, there was a horizontal overlap between the Adani Group and the Target in the ‘market for the development, operation and maintenance of airports’. CCI however noted that such horizontal overlaps would not raise any competition concerns as all airports where Adani Group had stake did not operate in the vicinity of the airport operated and managed by the Target.

On the issue of vertical overlaps, CCI noted that there were no vertical overlaps between the Adani Group and the Target.

Accordingly, considering that the horizontal overlaps did not raise any competition concerns and noting the absence of any vertical relationship, CCI approved this acquisition.

[1] Combination Registration No. C-2019/10/696.