On February 1, 2018, CCI approved the proposed acquisition of equity shares of ETC Group (Mauritius) Limited (‘ETC), by MIT African Management Limited (‘MAML’) in two phases: (i) acquisition of equity shares that represent approximately 22.44% of the equity share capital of ETC by MAML from ETC Holdings (Mauritius) Limited (‘ETC Holdings’) (‘Phase I’); and (ii) acquisition of additional equity shares ranging from 7.30% to 9.10% of the equity share capital of ETC from ETC Holdings, depending on the financial performance of ETC, within two years of closing of Phase I (‘Phase II’).[1]MAML, a newly incorporated company in Dubai, UAE, is a subsidiary of Mitsui & Co., Limited (‘Mitsui’). Mitsui is a Japanese trading house engaged in a number of world-wide commodities and other businesses; including sale, distribution, purchase, marketing and supply of products in business areas such as iron and steel, coal and nonferrous metals, machinery, electronics, chemicals and energy-related commodities. Whereas, ETC is a company incorporated and registered in the Republic of Mauritius which conducts diversified agricultural trading and processing business and has activities in 27 countries across Africa, North America, Europe, Middle East and South East Asian countries.CCI noted that in India, Mitsui is engaged in manufacture, production and sale of mineral fertilizers and sale of pulses while ETC is engaged in trading of sesame seeds, cashews, pulses and wheat, which meant that the activities of the parties overlapped only in respect of trading of pulses.CCI on assessing the proposed combination in terms of the overall market for pulses in India and in terms of the narrower market for import of pulses in India, concluded that their market share is not significant to cause any change in competition dynamics and that their presence globally is not likely to cause appreciable adverse effect on competition in India either. CCI also took into account their customer and supplier relationship and held that it is not significant to cause any appreciable adverse effect on competition in India.[1] Combination Registration No. C-2017/12/540.