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The Competition Commission of India (CCI) on Thursday said it has approved the proposed investment by Qatar Investment Authority in BTS Investment 1 Pte (BTS1), a Singapore-based pooled vehicle.
QIA is a sovereign wealth fund of the State of Qatar, while BTS1 is an investment venture firm of James Murdoch's Lupa Systems and ex-chairman of Star and Disney India Uday Shankar.
The proposed transaction relates to the proposed investment by Qatar Investment Authority in BTS1, which is raising capital from various investors for its investment in Viacom18, CCI said.
Last year in February, Murdoch and Shankar announced the formation of the firm, Bodhi Tree Systems (BTS) raising up to USD 1.5 billion from QIA.
Thereafter, in April, BTS said that it will invest Rs 13,500 crore in broadcaster Viacom18 as part of a tripartite partnership with billionaire Mukesh Ambani's Reliance, to form one of the largest TV and digital streaming firms in India.
In September 2022, fair-trade regulator CCI on Monday approved the proposed merger of Jio Cinema OTT with Viacom18 Media.
CCI had approved amalgamation of the Jio Cinema OTT platform with Viacom18 Media, following an investment by BTS Investment and Reliance Projects & Property Management Services.
On the proposed investment by Qatar Investment Authority (QIA) in BTS1, CCI said the deal has been cleared under the green channel route, wherein 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 watchdog.
"QIA and the target entities including their affiliates do not have any horizontal overlaps, vertical relationships or complementary businesses in India.
Accordingly, the proposed transaction raises no risk of any adverse effect on competition. Given that the proposed transaction is being notified under the green channel," CCI said.
Viacom18 is engaged in providing media and entertainment services through its portfolio of channels and streaming app 'Voot'.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Thu, March 23 2023. 20:41 IST
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