PIB – 2nd Dec 2020

CCI approves acquisition of Rivigo Services Private Limited (Rivigo) by Spring Canter Investment Ltd (SCIL) through subscription of compulsorily convertible preference shares

  • The Competition Commission of India (CCI) approves acquisition of Rivigo Services Private Limited (Rivigo) by Spring Canter Investment Ltd (SCIL) through subscription of compulsorily convertible preference shares, under Section 31(1) of the Competition Act, 2002.
  • SCIL is an investment holding company incorporated under the laws of Mauritius and does not have any physical presence in India. Its shareholders are certain private equity funds managed by Warburg Pincus LLC (Warburg).
  • Warburg is a member-owned private equity firm headquartered in New York, United States, and acts as manager to certain private equity funds. The portfolio companies owned by the private equity funds are active in a variety of sectors, including energy, financial services, healthcare, pharma, general insurance, consumer, industrial and business services, technology, media and telecommunications.
  • Rivigo is a technology-enabled logistics company in the trucking industry. It uses an innovative ‘driver relay’ model that enables trucks to cover more distances at a faster pace against the industry average. Its full-stack logistics offering includes relay-led trucking and freight marketplace. It empowers numerous shippers and fleet operators to optimize their fleet and achieve maximum results and aim to bring an impact across the freight ecosystem by making it fully digital and transparent.

CCI approves the proposed amalgamation of Srikalahasthi Pipes Limited (SPL) with and into Electrosteel Castings Limited (ECL)

  • The Competition Commission of India (CCI) approves the proposed amalgamation of Srikalahasthi Pipes Limited (SPL) with and into Electrosteel Castings Limited (ECL) under Section 31(1) of the Competition Act, 2002.
  • ECL is a publicly listed company in India and the ultimate holding company of the Electrosteel group of companies. It is primarily engaged in the business of manufacturing and supply of ductile iron pipes, ductile iron fittings and cast iron pipes.
  • SPL is a publicly listed company in India and also a part of the Electrosteel group. It is engaged in the business of manufacturing and supply of ductile iron pipes.
  • The proposed combination is an amalgamation of SPL with and into ECL pursuant to a scheme of amalgamation, such that, post the amalgamation, SPL will dissolve and ECL will be the surviving entity.

Successful Test Firing of BrahMos by Indian Navy

  • BrahMos Supersonic Cruise Missile in Anti-Ship mode was successfully test fired against a decommissioned Ship. The test firing was carried out by Indian Navy. The missile performed highly complex manoeuvres and hit Bull’s eye on the target. 
  • BrahMos is the supersonic cruise missile jointly developed by DRDO and NPOM of Russia as a Brahmos Aerospace joint venture, which became Brahmos Aerospace Private Limited. The missile has established itself as a major force multiplier in modern-day complex battlefields with its impeccable anti-ship and land-attack capabilities with multi-role and multi-platform abilities and has been deployed in all the three wings of the Indian Armed Forces. 
  • The first launch of Brahmos took place in 2001 and till date numerous launches have taken place from various ships, Mobile Autonomous Launchers and Su-30 MKI aircraft, making it a versatile weapon.

Shri Dharmendra Pradhanlaunches world-class premium grade Petrol (Octane 100) in the country

  • In a move that can be a potential game-changer in the petroleum fuel retail market in India, IndianOil has launched world-class premium grade Petrol (Octane 100) in the country. Branded as XP100, the premium grade petrol was launched across ten cities.
  • The technology for India’s first100 Octane petrol has been indigenously created by IndianOil R&D. This is yet another step in the direction of Atmanirbhar Bharat initiative which the Government is keenly implementing in the energy sector. 
  • The availability of XP100 puts India in an elite group of countries, having access to such high quality oil. It will provide high quality and power to the engine. 
  • Indian Oil plans to roll-out XP100 premium grade petrol in 15 identified cities across the country in two phases. Cities have been selected based on their aspirational demographics and availability of high-end cars and bikes dealerships in these cities.
  • High-end premium vehicles equipped with the latest technology are fully geared to reap the full-throttle benefits of 100 Octane petrol. Worldwide, 100 Octane petrol has a niche market for luxury vehicles that demand high performance, and is available only in six countries like Germany, USA, etc.