Amarchand files Indias first Form II merger notification; Platinum and Freshfields advise BG Group

The state-owned Gujarat State Petroleum Corporation (GSPC) has signed an agreement to acquire 65.12% stake of Gujarat Gas Company Limited (GGCL) from British Gas (BG) for nearly Rs 2,500 crore ($464 million). Amarchand Mangaldas Mumbai’s Competition Law team, on November 1, 2012, filed India’s first Form II merger notification before the Competition Commission of India (CCI) with regard to this proposed acquisition of GGCL..The state-owned Gujarat State Petroleum Corporation (GSPC) has signed an agreement to acquire 65.12% stake of Gujarat Gas Company Limited (GGCL) from British Gas (BG) for nearly Rs 2,500 crore ($464 million)..Amarchand Mangaldas Mumbai’s Competition Law team, on November 1, 2012, filed India’s first Form II merger notification before the Competition Commission of India (CCI) with regard to this proposed acquisition of GGCL..Amarchand team was led by Managing Partner, Cyril Shroff and Competition Partner Nisha Kaur Uberoi..Platinum Partners led by Partner Karam Daulet Singh and Freshfields are advising BG Group on the transaction. Economic consulting firm, Nathan Associates conducted a detailed economic analysis regarding this proposed acquisition and provided an economist report..Form II (long form) is an exhaustive form requiring detailed economic analysis and competition impact assessment, including analysis of the overlaps between the business activities of the parties to the combination. Form II may be filed in case of a horizontal overlap where the combined market shares of the parties to the proposed acquisition exceed 15%; and in case of vertical overlap when the market share exceeds 25%..Form II filing is complicated and is likely to go to Phase II investigations and it may take up to maximum of 210 days to get the clearance..The merger control regime had come into force on June 1, 2011. However, there have been no Form II filings in India since this regime came into force. So far there have only been Form I merger notification filings.