Blackstone’s Strategic Stake in Federal Bank Approved by CCI

The Competition Commission of India (CCI) has approved Blackstone's acquisition of a 9.99% stake in Federal Bank through warrants. Blackstone will nominate a director as long as it holds a minimum of 5% stake. Separately, the CCI also sanctioned Tata Steel's full control acquisition of Tata BlueScope Steel.

The Competition Commission of India (CCI) granted approval to Blackstone's bid to secure a 9.99% equity in Federal Bank via warrants. This investment through Blackstone's Asia II Topco XIII Pte Ltd grants them the nomination of a director should their stake remain above 5%.

Federal Bank, a prominent player in the private banking sector, will benefit from Blackstone's insights. Meanwhile, CCI also greenlit Tata Steel Ltd's acquisition, buying the remaining shares in Tata BlueScope Steel from BlueScope Steel Asia Holdings Pty Ltd, securing full control.

These decisions by the CCI underscore its role in maintaining a fair competitive landscape, ensuring business practices comply with regulations and fostering equitable market conditions.

(With inputs from agencies.)