New Delhi, Apr 9 (PTI) Fair trade regulator Competition Commission of India (CCI) has given its nod to the amalgamation scheme of Indian IT firms KPIT Technologies and Birlasoft.
The CCI, in a tweet today, said it has approved the “acquisition of digital businesses and IT Services of KPIT by Birlasoft”.
In a filing last week, KPIT had notified the exchanges of the approval.
“…the Competition Commission of India, at its meeting held on April 3, 2018, considered the proposed transaction and approved the same under sub-section (1) of Section 31 of the Competition Act, 2002 and issued an approval letter…,” the filing said.
In January this year, the two companies had announced an amalgamation scheme, under which shareholders of CK Birla Group firm Birlasoft will get 22 equity shares of the combined KPIT-Birlasoft entity for every nine equity shares of Birlasoft.
KPIT and Birlasoft had said they will first merge Birlasoft into KPIT and later split the combined entity into two public companies. One of the entities will focus on automotive engineering and mobility solutions, while the other will engage in enterprise digital business.
This is published unedited from the PTI feed.