CCI slaps Rs.55-L fine on ADIA, TPG over UPL SAS acquisition

The Competition Commission of India has slapped penalties totaling INR 55 lakh on Abu Dhabi Investment Authority (ADIA) and TPG Group for making "false declarations" before the regulator while availing the green channel facility in a deal related to the acquisition of a stake in UPL Sustainable Agri Solutions Ltd (UPL SAS). The transaction pertains to the combination comprising the acquisition of a stake in UPL SAS by Platinum Trust and TPG Upswing through the Upswing Trust. Abu Dhabi Investment Authority is the sole beneficiary and settlor of the Platinum Trust, while TPG Upswing is a part of the TPG Group.