2015 (4) TMI 22

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ypermarket Limited (hereinafter referred to as "THL") by Tesco Overseas Investments Limited (hereinafter after referred to as "TOIL" or "Acquirer"). The notice was given by TOIL pursuant to the execution of a Joint Venture Agreement and a Share Purchase Agreement between TOIL, THL and Trent Limited (hereinafter referred to as "Trent") on 21st March 2014. The proposed combination falls under Section 5(a) of the Act. 2. TOIL, a company incorporated in England, is a subsidiary of Tesco Plc, UK ("Tesco"). Tesco also incorporated in England, is the parent entity of the Tesco group of companies ("Tesco Group"). TOIL is the holding company for several of the Tesco Group's overseas retail businesses in various countries, primarily engaged in....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Limited, through the Franchise and Technical Services Termination Agreement dated 21st March 2014, have also agreed to terminate the terms of the Franchise and Technical Services Agreement. 4. In terms of Regulation 14 of the Combination Regulations, vide letter dated 22nd April 2014, the Acquirer was required to remove certain defects and provide information/document(s) by 30th April 2014. The Acquirer filed its response on 25th April 2014. As the response was not complete, vide letter dated 29th April 2014, the Acquirer was again required to provide complete information by 6th May 2014. The Acquirer filed its response on 2nd May 2014. 5. As observed, the proposed combination relates to the business of retail in India. The size of t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....retail market in India. 6. The Government of India has allowed 51 per cent FDI in the multi-brand retail, subject to specified conditions and leaving its implementation upon the discretion of the state governments. As the FDI policy regarding multi brand retailing has not been implemented in the states of Gujarat and Tamil Nadu, THL has entered into a Stores Transfer Agreement on 31st March 2014 with Fiora Hypermarket Limited (a wholly owned subsidiary of Trent), to transfer its four stores operating in Gujarat and Tamil Nadu. It is observed that while THL is engaged in the business of multi-format retail trading in India including hypermarkets, supermarkets and smaller convenience stores, TOIL is not present in the retail market in Indi....