Applicability of Deal Value Threshold in Share Swap Transactions in India

January 2025

Abstract

The Competition Commission of India (“CCI”) has embarked on a transformative journey to enhance its merger control framework, with pivotal changes taking effect on 10 September 2024. These reforms arise from the Competition (Amendment) Act, 2023, which aims to modernize India's competition law in response to the dynamic nature of global markets and the increasing complexity of business transactions. Accompanying these legislative changes are the Competition Commission of India (Combinations) Regulations, 2024 and the Competition (Criteria for Exemption of Combinations) Rules, 2024, which collectively introduce a more nuanced approach to merger regulation.

Author

Prateek Sethi

Associate Vice President - Legal, Bharti Airtel Limited, India

Prateek Sethi, currently serving as Assistant Vice President - Legal at Bharti Enterprises (Bharti Group) is an experienced in-house corporate legal executive with over 13 years of progressive experience across a diverse range of sectors, having worked with both leading conglomerates and renowned law firms. Prateek possesses a strong foundation in corporate law, with a particular focus on M&A, private equity, and corporate & commercial laws, anti-trust/competition laws for both domestic and cross-border transactions. Additionally, Prateek Sethi has extensive experience in project financing and treasury projects, as well as general in-house corporate advisory, including litigation support for business operational matters. A qualified advocate, Prateek is admitted to practice in India and enrolled with the Bar Council of Delhi. He holds an L.L.M. in Corporate Laws from University College London (UCL), London, and an L.L.B. (Hons) from Guru Gobind Singh Indraprastha University, New Delhi.

Company

Bharti Airtel Limited

Bharti Enterprises is a leading Indian multinational conglomerate headquartered in Delhi. Founded in 1976 by Sunil Bharti Mittal, the company has diversified interests across various sectors, with a strong presence in telecommunications. Key Businesses include: (a) telecommunications where Bharti Airtel is its flagship company, a major player in the global telecommunications industry with operations in 18 countries across Asia and Africa; (b) infrastructure where Indus Towers, a joint venture, is a major player in the telecom infrastructure sector, providing shared infrastructure services to mobile operators; (c) insurance where Bharti AXA Life Insurance is a leading private life insurance company in India; (d) real estate where Bharti Realty is an established real estate arm focusing on developing and leasing commercial real estate properties; and (e) many other businesses and investments across the board. Telecommunications: Bharti Airtel is a major player in the global telecommunications industry, providing mobile and fixed-line services to millions of customers in India and several other countries. Real Estate: Bharti Realty develops and manages commercial real estate projects, including office spaces, retail malls, and residential properties. Retail: The group has interests in the retail sector, particularly in the food and beverage industry. Insurance: Bharti AXA General Insurance is a joint venture that offers various insurance products. Other Ventures: Bharti Enterprises also has investments in other sectors such as space technology and digital services. In essence, Bharti Group is a diversified conglomerate with a strong presence in the Indian market and a growing global footprint.

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