9911796707
TMI BlogPremji Invest, Ranjan Pai family office seek CCI nod to acquire stakes in Akasa AirX X X X Extracts X X X X X X X X Extracts X X X X ..... Premji Invest, Ranjan Pai family office seek CCI nod to acquire stakes in Akasa Air X X X X Extracts X X X X X X X X Extracts X X X X ..... proposed transaction involves the acquisition of certain shareholding by each of PIOF, Claypond and 360 Fund (through its various schemes and affiliates) in Akasa Air," said a notice filed with the Competition Commission of India (CCI) on Wednesday. PIOF is a Sebi-registered alternative investment fund owned and controlled by Premji Invest, while Claypond is an arm of the Pai family group. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 360 fund is a Sebi-registered AIF. The fund is managed by leading asset management firm 360 ONE Asset. SNV Aviation Pvt Ltd, which operates Akasa Air, is engaged in domestic, international scheduled air passenger transport services and air cargo transport services. In its submission to the CCI for the assessment of the proposed transaction, PIOF, 360 Fund and Claypond said the transaction does n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot lead to any competition concerns whatsoever, as there are no overlaps between the parties. However, the application acknowledges a notional vertical relationship between Akasa Air and the portfolio companies of one of the acquirers in the upstream and downstream markets. These include the markets for domestic and international air transportation, as well as travel agency and corporate travel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... services. On February 6, Akasa Air said it has entered into a pact with a consortium of marquee investors, including Tech tycoon Azim Premji's global investment arm, and the investment office of Manipal Group Chief Ranjan Pai, for a fresh capital infusion fuel the airline's ambitious growth plans. Besides, the Jhunjhunwala family, which currently holds a 45.97 per cent stake in the airline, has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also "committed" additional funding. Akasa Chief Executive Officer Vinay Dube, who is also one of the founders of the entity with a 16.13 per cent stake, last month told PTI in an interaction that the airline "has been and will continue to be a well-capitalized company". These investments will be utilised to power Akasa Air's ambitious growth plans and further strengthen the airline's commitm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent to enhancing customer experience through continued investments in safety, reliability and technology as well as driving international expansion, it said. Besides Jhunjunwala family and Dube, his brothers Sanjay and Niraj have 7.59 per cent shares each in the carrier while Madhav Bhatkuly owns 9.41 per cent of the airline and PAR Capital Ventures Llc 6.37 per cent. The existing shareholder i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nterest will come down after coming on board the new shareholders. PTI HG HG MR X X X X Extracts X X X X X X X X Extracts X X X X
|
