CCI Approves Acquisition of AZK4 Over Zetwerk Manufacturing
The Competition Commission of India (CCI) has approved the stake acquisition in Zetwerk Manufacturing Businesses by AZK4 LLC.
The acquisition deal has been approved under the green channel route.
AZK4 LLC is an investment vehicle managed by a US-based Avenir management company.
The proposed transaction relates to AZK4 LLC (acquirer) subscription to and purchase of 2.96 per cent of Zetwerk's shareholding through a combination of primary and secondary transactions, according to a CCI notice.
Zetwerk is a manufacturing services provider and caters to businesses in the precision parts, capital goods and consumer goods categories.
The competition regulator has cleared the deal.
The summary of the transaction read, “Given that there are no horizontal overlaps or vertical or complementary linkages between the activities of the Parties (including their affiliates), the Proposed Combination is being notified under the green channel route under Regulation 5A (1) read with Schedule III of the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011 (as amended).”
Under the green channel route, a transaction which does not raise any risk of an appreciable adverse effect on competition is deemed to be approved on being intimated to the competition regulator.