ChrysCapital gets CCI nod to acquire majority stake in bakery chain Theobroma
Remove Ads
Tired of too many ads?
Remove Ads
Fair trade regulator Competition Commission on Tuesday cleared homegrown private equity major ChrysCapital 's proposal to acquire a majority stake in Mumbai-based bakery chain ChrysCapital is acquiring the stake in Theobroma through its affiliates, Infinity Partners, Aqua Investments Ltd and Atreides Investments BV."The proposed combination relates to the acquisition of certain equity shareholding of Theobroma Foods Pvt Ltd (Theobroma) by Infinity Partners, Aqua Investments Limited and Atreides Investments BV," the Competition Commission of India (CCI) said in a release.Theobroma is engaged in the business of manufacturing and sale of bakery and confectionery products, food and beverages through its patisseries and stores present in over 30 cities in India and via its online platform and other online sales channels."CCI approves acquisition of certain equity shareholding of Theobroma Foods Pvt Ltd by Infinity Partners, Aqua Investments Ltd and Atreides Investments BV," the regulator said in a post on X.According to reports, ChrysCapital is set to acquire a 90 per cent stake in Theobroma Foods for an estimated Rs 2,410 crore.ChrysCapital signed a deal to acquire a majority stake in Theobroma from its promoters and the current existing investor ICICI Venture , as per reports. However, the founders will retain around 10 per cent holding in the company.ICICI Venture owns nearly a 42 per cent stake in Theobroma. It had invested nearly USD 20 million in 2017.Theobroma was founded in 2004 by sisters Kainaz Messman Harchandrai and Tina Messman Wykes.Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
7 minutes ago
- Hindustan Times
Tim Cook-Trump meeting: What did Apple CEO bring POTUS? How much does it cost?
Apple CEO Tim Cook and President Donald Trump on Wednesday announced a commitment by the tech company to increase its investment in US manufacturing by an additional USD 100 billion over the next four years. However, that was not it. The tech executive also brought a gift for the president. Apple CEO Tim Cook shakes hands with US President Donald Trump at the Oval Office(AFP) Cook presented Trump with an engraved piece of glass from Apple, custom-engraved for the president, that was sitting on a golden holder. The CEO placed his gift on the Resolute Desk and revealed that it was designed by a former US Marine Corporal who now works at Apple. 'He designed it for you,' Tim Cook said. 'The base comes from Utah, and it's 24K gold.' Social media users speculated that the glass piece would have costed 'easily $2000'. However, the exact figures are not available at the moment. Reacting to Cook's gesture, one social media user wrote: '🚨 WOW! Apple CEO Tim Cook just presented President Trump with an engraved piece of glass from Apple - custom-engraved for Trump - and it is sitting on a golden holder, on the Resolute Desk.' 'Tim Cook of Apple bends the knee to Trump. Another elite showing their true cowardice,' another person slammed the exec on X, platform formerly known as Twitter. Apple's 100 Billion US Investment As part of what it calls the American Manufacturing Program, or AMP, Apple promised to bring more of its supply chain and advanced production to the US. The company's AMP partners include glassmaker Corning Inc., Applied Materials Inc., Texas Instruments Inc. and others, the company said. Corning will dedicate an entire factory in Kentucky to Apple glass production, increasing that company's workforce in the state by 50%, the iPhone maker said. Corning was already a supplier to Apple, making glass for the very first iPhone at the same factory. 'President Trump's America First economic agenda has secured trillions of dollars in investments that support American jobs and bolster American businesses,' White House spokesperson Taylor Rogers said in a statement. 'Today's announcement with Apple is another win for our manufacturing industry that will simultaneously help reshore the production of critical components to protect America's economic and national security.' (With inputs from Bloomberg)
Time of India
21 minutes ago
- Time of India
Vacant Land Tax Committee to recover over Rs 870 crore tax dues in Vijayawada
Vijayawada: Aiming to enhance the tax collection revenue, the NTR district administration has constituted a Vacant Land Tax Committee (VLTC) to collect pending vacant land tax dues from tax payers within Vijayawada Municipal Corporation (VMC) limits. The VLTC will comprise of the revenue wings from both VMC and NTR district administration along with town planning of VMC and district stamps and registration department personnel. It was found that despite Rs 237 crore vacant land tax demand, the civic body managed to collect only Rs 19 crore, totalling a mere 8.18% out of the total vacant land tax from tax payers in the previous 2024-25 financial year in the city. The VMC has around 15,000 vacant land tax assessments across the 64 divisions under three circles in the city. "The vacant land tax collection remains low due to the unavailability of the whereabouts of the original owners. Majority of the taxpayers reside in other places thus tracking and tracing of these vacant land owners is not possible for the municipal corporation personnel due to which the vacant land collection dues are mounting in the VMC," a senior municipal corporation official told TOI. More than Rs 870 crore vacant land tax dues to be paid by the tax payers were pending to the civic body in the last five financial years between 2020-2025, according to VMC records. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Family Adopted A New 'Dog', But When The Vet Sees It He Calls The Police Undo "With the help of the revenue department officials including VROs, MROs, and sub registrars the address details of the tax payers will be identified secretariat wise across all secretariats. Notices will be served to top 10 tax payers identified under each secretariat," the VMC official said and added that initially the identification of tax defaulters exercise will begin from those secretariats which are having least number of tax defaulters. The official added that the ward secretariat staff of the municipal corporation will be handed over to the revenue and stamps and registration department personnel to find out their address details.
Time of India
21 minutes ago
- Time of India
Disclose solar power price supplied to other states, HC tells SECI
Vijayawada: The high court on Wednesday directed Solar Energy Corporation of India (SECI) to disclose the price of solar power at which it was supplying to other states, at the time it entered into an agreement to supply power to Andhra Pradesh at Rs 2.49 per unit. The court also directed to place the orders of Andhra Pradesh Electricity Regulatory Commission (APERC) approving the unit price quoted by SECI. CPI state secretary K Ramakrishna and then TDP MLA and present finance minister Payyavula Keshav filed separate PILs in the high court challenging the agreement made by the then YSRCP govt with SECI for supply of 7,000 MW of solar power at Rs 2.49 per unit. The counsel for the petitioner argued that SECI made an agreement to supply solar power at Rs 2.49 per unit with AP, but the same SECI made an agreement with Gujarat govt for supply of solar power at Rs 1.99 per unit. The counsel further said that the power purchase price should be derived through tender route according to the Electricity Act but it was not followed while entering into an agreement with SECI. Arguing on behalf of the state govt, advocate general Dammalapati Srinivas said the high court has allowed APERC to decide the unit price and it has approved the price quoted by SECI. The petitioners can challenge the decision of APERC if they have any grievances on the same. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like For all your EV needs ScottishPower Learn More Undo The counsel for SECI submitted that the per unit price of solar power used to be anywhere between Rs 2.52 and Rs 2.61 at the time when it entered an agreement with AP. The unit price offered to AP was the lowest at that time when compared to other states, he stated. Considering the arguments, the high court bench headed by Chief Justice Dhiraj Singh Thakur and Justice Ravi Cheemalapati directed SECI to submit an affidavit with details of prices at which it had made agreements with other states at the time of entering into the agreement with AP.
