Under the proposed combination, FedEx India will acquire a minority stake in Delhivery on fully diluted basis along with certain minority investor rights, according to a combination notice filed with the regulator.
In addition, Delhivery Pvt Ltd will acquire certain operating assets pertaining to domestic business of FedEx Express Transportation and Supply Chain Services (India) Pvt Ltd.
Some customers and employees of FedEx India will also be transferred to Delhivery, subject to obtaining their consent.
“TNT India’s role in the combination is limited to the transfer to Delhivery of certain operating leases (along with associated assets) and employees, subject to their consent,” it said.
The entities also propose to enter into certain interconnected and ancillary transactions, it added.
“The proposed combination will have no impact on the competitive landscape in any potential relevant market in India, in any manner,” the notice further added.
TNT India is part of the FedEx group.
Delhivery and FedEx India are engaged in providing logistics solutions.
“Commission approves acquisition of a minority stake of Delhivery by FedEx India and acquisition of certain operating assets of FedEx India and TNT India by Delhivery,” a tweet by the regulator said.
The regulator in a separate tweet said it has approved the proposed combination involving “(a) acquisition of stake by Veolia in Suez and (b) acquisition of stake in New Suez by Meridiam, Global Infrastructure Management (GIP) & La Caisse des depots et consignations (CDC) & CNP Assurances.”
