Competition Commission of India has approved the proposed acquisition of shares in Rebel Foods Private Limited by Jongsong Investments Pte. Ltd. The proposed combination envisages the subscription to certain compulsorily convertible preference shares and the acquisition of equity shares of Rebel Foods Private Limited (Rebel Foods) by Jongsong Investments Pte. Ltd. (Jongsong).

Jongsong, an investment holding company, is an indirect wholly owned subsidiary of Temasek Holdings (Private) Limited (Temasek). Temasek is an investment company headquartered in Singapore. Temasek’s global portfolio covers a broad spectrum of industries.

Rebel Foods (including its affiliates) is engaged in the organised food services business and, inter alia, operates cloud kitchens, restaurants, food courts, and cafes.

Detailed order of the Commission will follow.

Merger control approval: foreign affiliated investor cleared to acquire and subscribe to shares in an organised food services company. Competition approval was granted for a proposed acquisition whereby an investment holding company indirectly owned by a Singapore investment firm will subscribe to compulsorily convertible preference shares and acquire equity in a domestic organised food services company operating cloud kitchens, restaurants, food courts and cafes; a detailed Commission order will follow.