New Delhi is set to give its antitrust enforcer a bigger say on overseas deals. Companies around the world will be paying close attention to see if that has a chilling effect, says ugalani
India's Prime Minister Narendra Modi speaks during the inauguration of a hydroelectric power plant in the state of Jammu and Kashmir, at Sher-i-Kashmir International Conference Centre in Srinagar, May 19, 2018. REUTERS/Danish Ismail - RC167CFE1A50MUMBAI, Aug 5 - India is set to take a seat at the global M&A table. Prime Minister Narendra Modi’s government is preparing to give its antitrust enforcer a bigger say in overseas deals.
Antitrust blocks within the country are rare. In the first decade since India launched its merger control regime in 2011, the regulator approved over 700 filings; while it suggested some remedies for deals, it blocked none, lawyers at Shardul Amarchand Mangaldas say. Indeed, approval for Mukesh Ambani’s Reliance Industries
Dealmakers can only hope India is a less complicating factor than its large neighbour. China has a track record of killing deals by withholding antitrust approvals: in 2018, for example, U.S. chipmaker Qualcomm was forced to walk away from its $44 billion acquisition of NXP Semiconductors India’s rising status as a huge consumer market and growing centre for global innovation give it plenty of reasons to have a big voice in making or breaking deals. Companies around the world will be paying close attention.India is planning to overhaul its competition law so that companies will have to seek the country’s antitrust approval for many overseas mergers and acquisitions, Bloomberg reported on Aug. 4.
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