CCI approves acquisition of RMZ’s commercial assets portfolio by Brookfield – ET RealEstate

NEW DELHI: Fair trade regulator CCI on Tuesday approved the acquisition of realty firm RMZ‘s commercial assets portfolio and co-working business by global investment firm Brookfield.

According to the information filed with the regulator, the deal involves the acquisition of certain real estate projects housed in RMZ Infotech, RMZ Galleria (India), RMZ North Star Projects, RMZ Ecoworld Infrastructure and RMZ Azure Projects.

It also entails the acquisition of 100 per cent shareholding by Brookfield Pvt Capital Ltd in CoWrks India Pvt Ltd.

The proposed combination is intended to be undertaken to enable the Brookfield Group to create value for the target projects and CoWrks by increasing cash flows and asset values, as well as by realizing its investment at the right time, the notice said.

It will also allow the RMZ group “to minimise the risk of geographic concentration and lend greater focus on other greenfield and brownfield projects and enable it to transition towards its objective of being a near-zero debt company,” it added.

The regulator in a tweet said it “approves Brookfield’s acquisition of certain real estate projects of RMZ Group & CoWrks”.

In another tweet, the Competition Commission of India (CCI) said it “approves demerger of the textiles business of GHCL Ltd. into its wholly-owned subsidiary GHCL Textiles Limited”.

The approval came after the board of directors of the GHCL Ltd, a public limited company, in March approved a scheme of the arrangement, involving an internal restructuring of its business by way of a demerger of its textiles business division into its wholly-owned subsidiary company named GHCL Textiles Ltd.

The proposed demerger is subject to receipt of the requisite approvals from the shareholders, creditors, and regulatory authorities — National Company Law Tribunal (Ahmedabad bench), Regional Directors, Registrar of Companies, Income Tax Department, Stock Exchanges and Sebi, a summary of the proposed combination filed with CCI said.

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