New Delhi: The Competition Commission has approved the proposed acquisition of a minority stake in TVS Logistics Services by CDPQ Private Equity Asia Ltd. The private equity firm is part of North America's leading fund manager CDPQ.
As per the deal entered into by the companies in October, CDPQ will invest over Rs 1,000 crore in acquiring a sizeable minority stake in TVS LSL, a privately-held subsidiary of the TVS Group.
The Competition Commission of India (CCI), which keeps a tab on unfair business ways, has cleared the proposed acquisition, as per the regulator's website.
"Following this transaction, existing investors Goldman Sachs and KKR will fully exit their investments in TVS LSL. CDPQ will purchase most of their joint stake while TVS family members and management will acquire the remainder," CDPQ had said in a release in October.
Part of TVS group of companies, TVS Logistics Services is engaged in the business of providing logistics services. Both the companies have presence in India.
