The Competition Commission of India (CCI) has approved the proposed acquisition of an additional stake by Singapore-based GIC in India’s Data Infrastructure Trust (DIT). DIT is an infrastructure investment trust (InvIT) specialising in passive telecom infrastructure services, sponsored by the US-based Brookfield Asset Management. Valkyrie Investment Pte and Anahera Investments Pte, two wholly-owned subsidiaries of GIC, will acquire the additional stake in DIT and consequent rights in BIP India Infra Projects Management Services (BIP India Infra), the investment manager of DIT.
Additionally, the CCI has approved the acquisition by Valkyrie and Anahera of preference shares and certain rights in BIF IV Jarvis IM Holdco Pte, a company established to streamline the governance structure of DIT, thus enhancing GIC’s control over the operations of the telecom infrastructure trust.
The approval by CCI was granted under the green channel route. As per a notice issued by the CCI, the proposed transaction does not create any horizontal, vertical, or complementary overlaps between the activities of GIC Group entities and the target entities, DIT, Jarvis IM HoldCo and BIP India Infra. It added that the transaction does not raise any risk of an appreciable adverse effect on competition in the plausible relevant market.
