Competition Commission of India (CCI), a fair trade watchdog, announced that it has authorised Abu Dhabi Investment Authority to purchase a stake in Lenskart Solutions Pvt Ltd. under the "green channel" option (LSPL). A transaction that poses no threat of having a significant detrimental impact on competition is presumed to be accepted under the "green channel" approach after being informed of it by the competition watchdog.
In line with a notification submitted to the CCI, the proposed transaction relates to Platinum Jasmine A 2018 Trust (Platinum Jasmineproposed )'s acquisition of a specific ownership in LSPL.While LSPL is involved in the production, marketing, and wholesale trade of eyeglasses products, ADIA is the sole beneficiary and settlor of Platinum Jasmine.
The sale has been approved, according to CCI.The previous week, Lenskart revealed that it had inked contract details for a $500 million investment from an ADIA affiliate.
"There are no horizontal overlaps, vertical/ complementary links between the business activities of the parties in India.
Based in Faridabad, Lenskart is a multi-national retail business for optical prescription eyewear in India. By May 2022, Lenskart will have 1,000 outlets spread across 223 Indian cities. 3 lakh glasses are produced each month at its New Delhi manufacturing facility.At Bhiwadi, Rajasthan, Lenskart is constructing an automated glass manufacturing facility with a 5 crore annual output capacity.