Fair trade regulator CCI has sought public views on Schneider Electric's proposed acquisition of certain businesses of Larsen & Toubro after prima-facie finding that the deal could adversely impact competition.
In a public notice on Tuesday, the Competition Commission of India (CCI) said stakeholders have to submit their comments within 15 working days along with supporting documents on how the merger can adversely impact any person or entity.
Under the Competition Act, the watchdog can seek public comments on mergers and acquisitions wherein it has a prima-facie opinion that such a deal could adversely impact competition in the relevant market.
Unsubstantiated objections are not likely to be considered, the notice said.
In May this year, Larsen & Toubro had inked a definitive pact with Schneider Electric to sell its electrical and automation business for an all-cash consideration of Rs 14,000 crore, as part of its long-term strategy to exit non-core activities.
The CCI has sought "comments/ objections/ suggestions in writing from any person(s) adversely affected or likely to be affected by the combination...," the notice said.
This is to determine whether the combination has or is likely to have an appreciable adverse effect on competition in the relevant market in India, the regulator said.
Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!