New Delhi: Competition Commission of India has approved Shelf Drilling International Holdings' proposed acquisition of shares of Transocean Offshore Drillings Holdings as well as its six offshore drilling rigs.
    
The fair trade regulator has said the deal would not have any adverse impact on competition.
    
Shelf Drilling International Holdings' would be implementing the transaction through its six entities. The six rigs, to be acquired by Shelf Drilling's entities, are owned by indirect wholly-owned subsidiaries of Transocean Ltd.
    
"The Commission is of the opinion that the proposed combination is not likely to have an appreciable adverse effect on competition in India and therefore the Commission hereby approves the proposed combination...," it said in an order dated October 30.
    
A notice seeking approval for the deal was submitted on October 9 and later, the Commission had sought more information. The same was given on October 17.
    
The acquirers are newly created entities incorporated in Cayman Islands. Each of them are jointly controlled by three private equity firms -- Castle Harlan, CHAMP Private Equity and Lime Rock Partners.
    
The Commission, citing the notice, said the acquirers are a new undertaking established for the purpose of proposed combination and are not engaged in any activity as yet.
    
"The business of the acquirers and the enterprises whose shares and assets are being acquired are not identical or similar or substitutable with each other. Similarly, the business of the acquirers and the enterprises whose shares and assets are being acquired are not vertically related," the Commission said.

(Agencies)

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