CCI clears five deals worth over Rs 28,000 crore, including Vega's Vodafone stake buy

By Elena Vasquez, Telecom Gazette

India's Competition Commission has cleared the acquisition of a 16.2 per cent stake in Vodafone Group PLC by France's Vega SAS, one of five merger approvals the regulator issued on Saturday across food services, renewable energy, power infrastructure, financial services and telecommunications.

The approvals, published in separate official releases, mark regulatory milestones for transactions that remain subject to closing conditions before completion. Together they represent roughly Rs 28,000 crore in disclosed deal value.

What does the Vodafone approval cover?

Vega SAS, a French company, will acquire the 16.2 per cent holding in Vodafone Group PLC, the British operator that runs telecommunications businesses across Europe and Africa. Vodafone also retains a presence in India through its stake in Vodafone Idea Limited, the country's third-largest mobile operator.

The clearance removes one regulatory hurdle for a shareholder change at the parent level of one of the world's largest telecom groups. The CCI reviewed the deal because Vodafone's Indian interests bring the transaction within the scope of Indian competition law.

Which food services merger was approved?

The regulator cleared the merger of Sapphire Foods India Limited into Devyani International Limited, two of the country's largest franchise operators of KFC and Pizza Hut outlets. "The Proposed Combination envisages merger of Sapphire Foods India Limited (Sapphire) with and into Devyani International Limited (Devyani) and certain related transactions," the CCI said.

Announced earlier this year, the merger is expected to create a restaurant business operating more than 3,000 stores globally, with an annualised turnover of approximately Rs 8,000 crore.

How big are the energy deals?

Two approvals concern the power sector. Aditya Birla Renewables Limited received clearance to acquire 100 per cent of Solenergi Power Private Limited from Shell Overseas Investment BV, a transaction valued at approximately Rs 17,200 crore when it was announced in July. The deal includes Shell's Sprng Energy renewable energy business in India.

"The proposed combination relates to acquisition of 100% of the issued share capital of the Target by the Acquirer from Shell Overseas Investment B.V. (Seller)," the regulator said.

Adani Energy Solutions Limited also won approval for its proposed Rs 3,050 crore acquisition of IntelliSmart Infrastructure Private Limited from the National Investment and Infrastructure Fund and Energy Efficiency Services Limited. The CCI noted that the deal "envisages the acquisition of 100% of the equity share capital of the Target by the Acquirer." The purchase is expected to strengthen Adani Energy Solutions' position in India's smart electricity metering sector.

What happened in financial services?

In fintech, the CCI approved the acquisition of a shareholding in Navi Limited by MIH Payments Holdings B V, an indirect wholly-owned subsidiary of Prosus N.V. Navi, founded by Sachin Bansal, offers financial services through a consumer-facing mobile application.

What comes next?

All five transactions now advance toward completion, subject to applicable closing conditions and other regulatory requirements. For Vodafone Group, the Vega clearance comes as the operator continues to manage its exposure to Vodafone Idea, whose own capital-raising and network expansion plans remain closely watched in the Indian market.