On November 16, 2017, CCI approved the acquisition of equity shares of Indus Towers Limited (‘Indus’) by: (i) Al-Amin Investments Ltd.; (ii) Asian Telecommunication Investments (Mauritius) Ltd.; (iii) CCII (Mauritius) Inc; (iv) Euro Pacific Securities Ltd.; (v) Vodafone Telecommunications (India) Ltd.; (vi) Mobilvest; (vii) Prime Metals Ltd.; (viii) Trans Crystal Ltd.; (ix) Omega Telecom Holdings Private Limited; (x) Telecom Investments India Private Limited; (xi) Jaykay Finholding (India) Private Limited; and (xii) Usha Martin Telematics Limited (‘VIL Shareholders/Acquirers’). The acquisition of shares by the Acquirers in Indus was proposed to be pro rata to their shareholding in Vodafone India Limited (‘VIL’) (‘Proposed Combination’).CCI noted that the Acquirers are shareholders of VIL and wholly owned indirect subsidiaies of Vodafone Group Plc (‘Vodafone’), and that they do not hold interests in any other company. VIL is a licensed telecom service provider (‘TSP’) and provides a range of telecommunication services in India. Indus, on the other hand, is a joint venture inter alia between the entities of Bharti Infratel Limited, VIL, and Idea Cellular Limited (‘Idea’), and is engaged in the provision of passive telecommunications infrastructure to TSPs in 15 telecom circles in India.Given that the Proposed Combination merely envisaged exit of VIL from Indus Towers and its replacement with the VIL Shareholders, CCI opined that the ultimate control of Indus is not undergoing any change. In view of the approved merger of telecommunication services of VIL and Idea, CCI noted that VIL Shareholders will, however, continue to exercise joint control in Indus along with other shareholders of Indus. Despite that, CCI observed that both Idea and Vodafone have insignificant presence in the passive infrastructure market with less than five percent market share in terms of standalone towers and/ or number of tenancies. Having said so, it also noted that competition assessment would not change significantly even if Idea’s or VIL’s share in towers/tenancies of Indus is considered. Considering this, CCI held the Proposed Combination unlikely to result in an appreciable adverse effect in market for provision of passive infrastructure services through telecom towers in India, and thus approved it.

* Combination Registration No. C-2017/10/532.