The Competition Commission of India (CCI) approves acquisition of the share capital of NSPIRA Management Services Private Limited by Mr. Puneet Kothapa, Ms. Ponguru Sindhura and Ms. Ponguru Sharani under Section 31(1) of the Competition Act, 2002.
The proposed combination pertains to acquisition by Mr. Puneet Kothapa, Ms. Ponguru Sindhura and Ms. Ponguru Sharani (collectively referred to as the Acquirers), for the acquisition of, inter alia, (i) 18.23% of the total issued and paid up share capital (fully diluted basis) of NSPIRA Management Services Private Limited (NSPIRA/Target) from NHPEA Minerva Holding BV; and (ii) 2.24% of the total issued and paid-up share capital (fully diluted basis) of the Target from Banyantree Growth Capital II, LLC (Proposed Combination).
The Acquirers presently collectively hold 79.48% of the shareholding in the Target. Mr. Puneet Kothapa is the Managing Director; and Ms. P. Sindhura is a Director of the Target. They are also the Promoters of the Target. Ms. P. Sharani holds 25.83% of the shareholding (on a fully diluted basis) in the Target.
NSPIRA is a management service provider, established in the year 2013 with the objective of providing management services to educational institutions, majorly run by Narayana Group (viz. the Narayana Educational Society (NES), the Narayana Education Trust, the Narayana Educational Trust). The said management services include, inter alia, administrative support, content development, exam and admission, infrastructure management, IT solutions, and housekeeping and security, renting and leasing of assets.
Detailed order of the CCI will follow.