The Competition Commission of India (CCI) has approved acquisition of stake in PAMP Technologies (India) Private Limited and MMTC PAMP India Private Limited by PAMP Ventures SA

The proposed combination relates to the acquisition by PAMP Ventures SA (PAMP Switzerland/Acquirer) of:

a) 100% of the share capital of PAMP Technologies (India) Private Limited (PAMP Technologies); and

b) 72.65% of the share capital (on a fully diluted basis) of MMTC PAMP India Private Limited (MMTC PAMP)

Proposed combination is an internal group restructuring through which MKS PAMP Group Limited (ultimate parent entity of the MKS PAMP Group) is transferring its indirect shareholdings in the Targets i.e. PAMP Technologies and MMTC PAMP to the Acquirer.

PAMP Switzerland: It is a holding company and does not undertake any operational activities on its own.

PAMP Technologies: It captively provides IT services to only MKS PAMP Group companies.

MMTC PAMP: It is engaged in the business of refining gold and silver. It also sells gold and silver products such as coins and bars.

Detailed order of the CCI will follow.

Merger control approval: internal group restructuring transferring target shareholdings to acquirer allowing the deal to proceed. Merger control approval was granted for an internal group restructuring transferring indirect shareholdings: acquisition of 100% of PAMP Technologies (India) Private Limited and a majority fully diluted stake in MMTC PAMP India Private Limited by the acquiring holding company. PAMP Technologies supplies captive IT services to group companies; MMTC PAMP refines and sells gold and silver products. A detailed order will follow.