INDIA Trends and Developments Contributed by: Vaibhav Choukse, Ela Bali, Nripi Jolly and Faiz Siddiqui, JSA
demerged company, except for discharge of consideration for fractional shares. Developments relating to merger remedies Since the inception of the merger control regime in 2011, the CCI has approved more than 1,200 combinations, including 32 combinations with modifications imposing both structural and behavioural remedies. No combination has been blocked so far. During the relevant period, the CCI imposed modifications in Bharat Forge Limited/AAM India Manufacturing Corporation Private Limited – the detailed order for which is yet to be published by the CCI. The CCI also imposed modifications in the following cases. Viacom18 Media Private Limited (“Viacom18”)/ Walt Disney Company (”Disney”) In August 2024, the CCI conditionally approved the combination of the entertainment businesses of Viacom18 (jointly held by Reliance Industries Limited (RIL), Paramount Global, and BTS group) and Disney. The CCI examined horizontal overlaps between the activities of the parties across several rel - evant markets and raised concerns about their high combined market shares in the operation and wholesale supply of television channels and its sub-segments (the “TV channels mar - ket”), as well as the retail supply of audiovisual content through the over-the-top (OTT) stream - ing platforms (the ”OTT streaming market”). This is because such high combined market shares could potentially lead to higher prices for adver - tisers, consumers, and other stakeholders, while also giving the parties a greater bargaining pow - er.
To alleviate the CCI’s concerns, the parties inter alia voluntarily offered to make the following modifications in: • the TV channels market – the parties will divest specific TV channels and RIL will transfer its 24.5% shareholding in Eenadu Television Private Limited back to company’s promoters, thereby retaining only limited rights; and • the OTT streaming market – the parties will: (a) refrain from bundling TV and OTT adver - tisement slots for cricketing events organ - ised by the Board of Control for Cricket in India and the International Cricket Coun - cil; (b) maintain reasonable advertisement rates on both TV and streaming platforms until their current media rights expire; and (c) ensure fair and transparent access to advertisement space on their streaming platform until their current media rights expire. Accordingly, the CCI approved the combination subject to the implementation of the aforesaid modifications. Ruby Asia Holdings II Pte Ltd (“Ruby”)/Singtel Interactive Pte Ltd (”Singtel”)/STT GDC Pte Ltd (“STT”) In November 2024, the CCI conditionally approved the acquisition of up to 26% share - holding of STT by Ruby and Singtel. The CCI examined horizontal overlaps between the activ - ities of the parties in the market for data centre co-location services in India and raised concerns about Singtel having common ownership in two major competitors in the said market (ie, STT and Nxtra Data Limited (“Nxtra”), one of Singtel’s affiliates), which could potentially reduce com - petition and lead to exchange of CSI.
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