Competition Comm approves ADIA's stake buy in Lenskart under green channel route

New Delhi: Fair-trade regulator Competition Commission of India (CCI) on Thursday said it has given approval under the green channel route to Abu Dhabi Investment Authority for acquiring a stake in Lenskart Solutions Pvt Ltd (LSPL).

Under the green channel route, wherein a transaction, which does not raise any risk of an appreciable adverse effect on competition, is deemed to be approved on being intimated to the competition watchdog.

The proposed transaction relates to the proposed acquisition of a certain shareholding of LSPL by Platinum Jasmine A 2018 Trust (Platinum Jasmine), a notice filed with the CCI said.

Abu Dhabi Investment Authority (ADIA) is the sole beneficiary and settlor of Platinum Jasmine, while LSPL is engaged in the business of manufacture, sale and wholesale trading of eyewear products.

CCI said it has approved the deal.

Last week, Lenskart announced that it has signed definitive documents for a USD 500 million investment from a wholly-owned subsidiary of ADIA.

"There are no horizontal overlaps, vertical/ complementary links between the business activities of the parties in India.

"Given the absence of any horizontal overlaps or vertical or complementary links between the parties to the proposed transaction, the proposed transaction is being notified under the green channel route," CCI said.