On May 24, 2018, CCI approved the acquisition of up to 21.3% of the issued and paid-up capital of UST Holdings Limited (‘UST’) by Macritchie Investment Pte. Ltd. (‘MRIPL’) pursuant to the execution of a Share Subscription Agreement on May 9, 2018.MRIPL is an indirectly wholly owned subsidiary of Temasek Capital (Private) Ltd, which is a wholly owned subsidiary of Temasek Holdings. The portfolio companies of the Temasek group are engaged in financial services, telecommunications, media and technology, transportation and industrial consumers and real estate, life sciences and agribusiness, as well as energy and resources. UST is engaged in providing Information Technology services – software development and support services.CCI observed that while there were no horizontal overlaps between the acquirer and the target, the acquirer and the Temasek group do have investments in Indian companies which operate in the information technology (‘IT’) space. However, CCI noted that UST did not offer similar services in the IT space as those offered such Indian investee companies of MRIPL and the Temasek Group. Further, the IT space is characterized by high levels of dynamism and innovation. Accordingly, CCI concluded that the proposed transaction was not likely to have any AAEC in any market in India, and approved the same.

*Combination Registration No. C-2018/05/567.