PIB News Update: The Competition Commission of India (CCI) approves Proposed Combination between BP Global Investments Limited (BP Global) and Reliance BP Mobility Limited (RBPML)under Section 31(1) of the Competition Act, 2002. The Proposed Combination relates to:
(a) the transfer to RBPML of Reliance Industries Limited (RIL) and its group entities’ entire undertaking pertaining to the business of owning, operating and conducting petroleum retail and related activities in India along with the transfer of certain specified mobile aviation business assets at certain airport locations (which are currently owned and used by RIL) for RBPML to operate RIL’s aviation fuel business in India as a service provider; and
(b) the subsequent proposed acquisition by BP Global of an aggregate 49% of the fully diluted paid-up equity share capital and voting rights in and of RBPML by way of acquisition of existing equity shares of RBPML from RIL and subscription by BP Global to fresh equity shares of RBPML.
BP Global is an investment holding company and holds shares in subsidiaries and associated companies. It currently does not conduct any business operations in India.
RBPML currently does not conduct any business operations and, accordingly, does not have any business activities in India or anywhere else in the world. However, post the proposed combination, it will operate the business that will be transferred to RBPML by RIL and its group entities (as mentioned above).
The detailed order of the CCI will follow.