CCI approves Emirates NBD-RBL Bank deal; Tata Steel's Thriveni Pellets buy also cleared

The Competition Commission of India (CCI) has approved the proposed acquisition of a controlling stake in RBL Bank Limited by Emirates NBD Bank, clearing a key regulatory hurdle for the transaction.

The proposed deal involves Emirates NBD acquiring between 51% and up to 74% shareholding in RBL Bank through a combination of steps. This includes a mandatory open offer under SEBI takeover regulations for up to 26% of the expanded voting capital, a preferential allotment of equity shares amounting to as

much as 60% of RBL’s paid-up equity capital, and the amalgamation of Emirates NBD’s India banking operations into RBL on a going-concern basis. Emirates NBD currently operates in India through three branch offices.

Emirates NBD is a public joint stock company listed on the Dubai Financial Market and headquartered in Dubai, UAE. The banking group has operations across several countries, including India, and offers a wide range of services spanning retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage services.

Tata Steel gets nod for Thriveni Pellets deal

Separately, the CCI also approved Tata Steel Ltd’s acquisition of a 50.01% equity stake in Thriveni Pellets Private Limited (TPPL) from Thriveni Earthmovers Private Ltd. Tata Steel is a listed integrated steel producer with operations ranging from mining to steelmaking and downstream processing, catering to sectors such as automotive, construction, energy and infrastructure.

TPPL is engaged in the sale of iron ore pellets in India, while its wholly-owned subsidiary, Brahmani River Pellets Ltd, is involved in the production and sale of iron ore pellets.

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