<h1>Merger control approval for minority equity acquisition via preferential issue enables foreign investor to subscribe through an SPV.</h1> The Competition Commission approved a foreign investor's acquisition of a minority equity stake in the Indian infrastructure holding company by subscribing to newly issued shares via a preferential issue on a private placement; the transaction is treated as an acquisition subject to merger control. The acquirer is a Singapore SPV within a GIC-managed group; the target is an Indian public company engaged in EPC construction, road O&M and related infrastructure activities. A detailed regulatory order will follow.