On February 9, 2018, CCI approved a Share Subscription Agreement (‘SSA’) between Wilmar Sugar Holdings Private Limited (‘WSH’) and Shri Renuka Sugars Limited (‘SRS’) and concluded that it is not likely to have an appreciable adverse effect on competition in India.[1]WSH, a company incorporated under the laws of Singapore, is a wholly owned subsidiary of Wilmar International Limited (the parent company of the Wilmar International group of companies (‘Wilmar Group’)). SRS, a company incorporated in India, is engaged in the business of refining raw sugar; production, sale, distribution and branding of sugar and ethanol derived from sugarcane; and generation, distribution, sale and trading of electricity/power. WSH’s only investment in India is in SRS. It is already a shareholder of SRS having joint control over its operations along with the original promoters. CCI noted that Wilmar Group is active in the business of trade of raw sugar and refined sugar whereas SRS is active in the business of manufacture and distribution of sugar, ethanol and power business, therefore the activities of the parties overlapped in the business of sugar only.CCI then noted that Wilmar Group has a very limited presence in the overlapping market through small volume of export/ import of sugar and the combined market share of the parties will be insignificant to raise any competition concerns. Further, in view of large number of organized and unorganized players in the sugar industry in India, CCI approved the transaction.[1] Combination Registration No. C-2018/01/548.