CCI approves the proposed acquisition of shares in Rebel Foods Private Limited by Jongsong Investments Pte. Ltd.

Competition Commission of India has approved the proposed acquisition of shares in Rebel Foods Private Limited by Jongsong Investments Pte. Ltd. The proposed combination envisages the subscription to certain compulsorily convertible preference shares and the acquisition of equity shares of Rebel Foods Private Limited (Rebel Foods) by Jongsong Investments Pte. Ltd. (Jongsong).

Jongsong, an investment holding company, is an indirect wholly owned subsidiary of Temasek Holdings (Private) Limited (Temasek). Temasek is an investment company headquartered in Singapore. Temasek’s global portfolio covers a broad spectrum of industries.

Rebel Foods (including its affiliates) is engaged in the organised food services business and, inter alia, operates cloud kitchens, restaurants, food courts, and cafes.

Detailed order of the Commission will follow.