CCI approves Abu Dhabi Investment Authority’s stake in Lenskart under green channel route

CCI approves Abu Dhabi Investment Authority’s stake in Lenskart under green channel route

The transaction relates to the acquisition of a certain shareholding by Platinum Jasmine A 2018 Trust

The Competition Commission of India (CCI) has announced the approval under the green channel route to Abu Dhabi Investment Authority (ADIA) for acquiring a stake in Lenskart Solutions Pvt Ltd (LSPL).

Under the green channel norms, the transaction, which does not raise any risk of an adverse effect on competition, has to be approved by the fair-trade regulator.

CCI, the competition watchdog, said, "There are no horizontal overlaps, vertical/complementary links between the business activities of the parties in India. Given the absence of any horizontal overlaps or vertical or complementary links between the parties to the proposed transaction, the proposed transaction is being notified under the green channel route.”

The transaction relates to the acquisition of a certain shareholding by Platinum Jasmine A 2018 Trust. ADIA is the sole beneficiary and settlor of Platinum, while LSPL is engaged in the business of manufacture, sale, and wholesale trading of eyewear products.

Recently, Lenskart announced the signing of definitive documents for a USD 500 million investment from a wholly-owned subsidiary of ADIA.