Competition watchdog CCI has approved the proposed acquisition of additional 32.39% shares of Multi Screen Media (MSM India) by Sony Group.
"Considering the facts on record and the details provided in the notice, the Commission is of the opinion that the proposed combination is not likely to have an appreciable adverse effect on competition in India and therefore, the Commission hereby approves the proposed combination," said the CCI order.
The acquirers -- SPE Mauritius Holdings (SPE Holdings) and SPE Mauritius Investments (SPE Investments) - that belong to the Sony Group, already hold 62% in MSM India.
"The proposed combination relates to the acquisition of 20.28% and 12.11% of the equity shares in MSM India by the acquirers from Grandway and Atlas, respectively," CCI said in its order.
Grandway and Atlas collectively hold 32.39% of the equity shares in MSM India and the remaining 5.61% equity shares are held by Foreign Institutional Investors (FIIs).
"Upon consummation of the proposed combination, the shareholding of the acquirers in MSM India would increase from 62% to 94.39%," the order said.
"...the proposed combination is not likely to give rise to any adverse competition concern in India," CCI said in its order.
In a statement issued in June by a wholly-owned subsidiary of SPE, it was said that Sony Group would acquire an additional 32% stake in MSM India for $271 million (about Rs 1,510 crore).