New Delhi: The Competition Commission of India on Wednesday cleared IT and consulting firm Accenture's acquisition of a stake in Vodafone Shared Operations.
Vodafone Shared Operations Ltd (VSOL) is engaged in the provision of shared services to the Vodafone Group and its network of partner telecommunications companies. VSOL is a part of Vodafone Group Plc.
"CCI approves the proposed combination involving the acquisition of shares of Vodafone Shared Operations by Accenture," the regulator said in a post on X.
In November last year, Vodafone Group Plc announced a strategic partnership with Accenture to commercialise Vodafone’s shared operations.
Further, the Dublin-based IT firm also said that it will invest 150 million euros for a minority stake in the partnership.
The new unit will utilise Accenture’s world-class technology and transformation services, such as its digital solutions and platforms, and deep AI expertise.
In another post on X, the competition watchdog also approved the acquisition of a stake in MTC Business Pvt Ltd by Mitsui & Co (Asia Pacific) Pte Ltd.
Mitsui & Co (Asia Pacific) operates in various business areas, including Iron & Steel Products, mineral & metal resources, etc. It is a wholly-owned subsidiary of Tokyo-based Mitsui & Co Ltd.
"Commission approves acquisition of certain equity share capital of MTC Business Private Limited by Mitsui & Co (Asia Pacific) Pte Ltd," CCI said.
MTC Business is an Indian company engaged in the trading of ferrous and non-ferrous metal scrap, ferroalloys and base and minor metals in India and worldwide. The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
Published 14 August 2024, 14:37 IST