Competition Commission of India approved the acquisition of shareholding in India Business Excellence Fund – IV by VVDN Technologies Private Limited.

India Business Excellence Fund – IV (Acquirer) is a Category II alternative investment fund registered with the Securities and Exchange Board of India. It primarily invests in equity and equity-linked instruments and/or debt and/or mezzanine or other instruments of Indian or India related companies. It is a sector-agnostic fund, providing growth capital to mid-sized companies.

VVDN Technologies Private Limited (Target) is engaged in the business of providing Electronic Manufacturing Services (EMS)/ Original Design Manufacturing (ODM) services. The Target provides its EMS/ ODM services to both domestic and global customers in the following business verticals: 5G, networking & Wi-Fi, Internet of Things, camera-based solutions, cloud-based solutions, and data centre infrastructure.

The Proposed Combination relates to acquisition of shareholding by the Acquirer in the Target through a combination of secondary share purchases of equity shares and subscription to compulsorily convertible debentures (Proposed Combination).

Detailed order of the Commission will follow.

Merger control clearance for acquisition of shareholding by an alternative investment fund via share purchase and convertible debentures. Competition Commission approval for India Business Excellence Fund - IV, a Category II alternative investment fund, to acquire shareholding in VVDN Technologies Private Limited through secondary equity purchases and subscription to compulsorily convertible debentures, constituting merger control clearance; detailed Commission order to follow.