On November 3, 2017, CCI approved the acquisition of 33.34% of the total equity shares of Diamond and DLF Cyber City Developers Limited (‘DCCDL’) held by Rajdhani Investments & Agencies Private Limited, Buland Consultants and Investments Private Limited and Sidhant Housing and Development Company by Reco Diamond Private Limited (‘Reco Diamond/Acquirer’; together with DCCDL referred to as ‘Parties’) (‘Proposed Combination’).DCCDL, incorporated in India is a subsidiary of DLF Limited (‘DLF’), which is the holding company of the DLF group of companies. DCCDL, along with its subsidiaries, is engaged in construction, development and leasing of commercial properties in India. Reco Diamond, on the other hand, is incorporated as a private limited company in Singapore and is a wholly owned subsidiary of Recosia Private Ltd, which in turn, is a wholly owned subsidiary of GIC (Realty) Pte Ltd (‘GIC Realty’). GIC Realty, incorporated as a private company with limited liability under the laws of Singapore, holds real estate investments made on behalf of the Government of Singapore.CCI considered the market for leasing of commercial real estate as the relevant product market and noted that the activities of DCCDL and those of the portfolio companies of GIC Realty overlap in the cities of Delhi, Gurgaon, Chennai, and Hyderabad. It held that the Proposed Combination is unlikely to cause an appreciable adverse effect on competition in any of the potential markets and thus, decided to leave the exact delineation of relevant market open. CCI further noted that the overlaps between the Parties in terms of current inventory and projects under construction are limited and the Proposed Combination is unlikely to change the competition dynamics in the real estate market and approved the Proposed Combination.

*Combination Registration No. C-2017/09/527.