Vide order dated 26 November 2024, the CCI approved the acquisition of 21.35% shareholding by Temasek in Rebel Foods Private Limited (Rebel Foods).
The CCI noted that activities of Rebel Foods and the portfolio companies of Temasek exhibit horizontal overlaps in the sale of finished food products to end consumers in India. However, given that the combined market share of the parties is less than 5%, the same is not likely to raise any competition concerns.
The CCI also noted that Temasek through its portfolio company(ies) is engaged in business-to-business supply of food products in India, which exhibits a vertical overlap with that of Rebel Foods. Additionally, the online food delivery platform of Rebel Foods exhibits a vertical relationship with the portfolio company(ies) of Temasek engaged in the business of selling finished food products to end consumers in India. However, given that market share of Rebel Foods and its portfolio companies was less than 1%, the CCI observed that the transaction is not likely to have any appreciable adverse effect on competition of India.
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