Latest news with #APIL
Business Recorder
13-05-2025
- Business
- Business Recorder
CCP approves majority acquisition of Lotte Chemical by APIL, MOD
ISLAMABAD: The Competition Commission of Pakistan (CCP) has approved the acquisition of a majority stake in Lotte Chemical Pakistan Limited (LCPL) by M/s AsiaPak Investments Limited (APIL) and M/s Montage Oil DMCC (MOD). Under the Share Purchase Agreement with M/s Lotte Chemical Corporation (LCC), APIL and MOD will equally divide the acquired shareholding in LCPL. The CCP assessed the transaction's impact on the market for purified terephthalic acid (PTA), a key input in the polyester industry. APIL and MOD are not currently involved in the production of PTA. Therefore, the acquisition does not alter the existing market concentration. The Commission found no horizontal or vertical overlaps between the merging parties. The transaction will not create entry barriers, increase market power, or reduce competition in the market. Based on this assessment, CCP approved the transaction under Section 31(1)(d)(i) of the Competition Act, 2010. APIL is a private investment company incorporated in the British Virgin Islands, with investments in infrastructure, energy, logistics, and technology. MOD, based in the UAE, is engaged in the global trade of oil and petrochemicals. LCPL is a publicly listed company in Pakistan engaged in the production of purified terephthalic acid. Copyright Business Recorder, 2025
Express Tribune
12-05-2025
- Business
- Express Tribune
CCP okays aquisition of Lotte Chemical stake
The Competition Commission of Pakistan (CCP) has approved the acquisition of a majority stake in Lotte Chemical Pakistan Limited by AsiaPak Investments Limited (APIL) and Montage Oil DMCC (MOD). Under a share purchase agreement with Lotte Chemical Corporation, APIL and MOD will equally divide the acquired shareholding in Lotte Chemical Pakistan. The CCP has assessed the transaction's impact on the market for purified terephthalic acid (PTA), a key input for the polyester industry. APIL and MOD are not currently involved in the production of PTA. Therefore, the acquisition does not alter the existing market concentration. The assessment found no horizontal or vertical overlaps between the merging parties. The transaction will not create entry barriers.
Time of India
01-05-2025
- Business
- Time of India
ED raids Ansal API offices in Delhi, Noida, and Ghaziabad over Rs 600 crore fraud
LUCKNOW : The Enforcement Directorate on Wednesday carried out searches at the Lucknow office of Ansal Properties and Infrastructure Ltd (APIL) and simultaneously raided its offices in Delhi , Noida , and Ghaziabad in connection with alleged diversion of over ₹600 crore collected from homebuyers. The action follows a report by the Uttar Pradesh Real Estate Regulatory Authority, which uncovered serious financial irregularities by the real estate firm. According to the report, funds from various housing projects were siphoned off and diverted elsewhere, impacting hundreds of investors. A six-member ED team, accompanied by security personnel, scrutinised electronic records, hard drives, financial documents, and bank accounts at the company's Lucknow office. Employees were questioned as part of the investigation. Similar raids were carried out across APIL offices in NCR locations. Promoters Pranav Ansal and Sushil Ansal are facing serious charges, including illegal sale of govt land, investor fraud, and financial misappropriation. Over 70 FIRs have already been filed against the company, which was declared insolvent by the National Company Law Tribunal (NCLT). The insolvency process is underway under the CIRP framework. Earlier this month, the Income Tax department also raided APIL's Lucknow premises and seized documents related to alleged tax evasion and suspicious transactions. The company's expansion was previously facilitated through controversial policy relaxations, extending its township licence from 1,335 to 6,500 acres under the 2003 Hi-Tech Township Policy.
Time of India
30-04-2025
- Business
- Time of India
ED searches at Ansal API offices in UP cities
Lucknow: The Enforcement Directorate on Wednesday carried out searches at the Lucknow office of Ansal Properties and Infrastructure Ltd (APIL) and simultaneously raided its offices in Delhi, Noida, and Ghaziabad in connection with alleged diversion of over ₹600 crore collected from homebuyers. The action follows a report by the Uttar Pradesh Real Estate Regulatory Authority, which uncovered serious financial irregularities by the real estate firm. According to the report, funds from various housing projects were siphoned off and diverted elsewhere, impacting hundreds of investors. A six-member ED team, accompanied by security personnel, scrutinised electronic records, hard drives, financial documents, and bank accounts at the company's Lucknow office. Employees were questioned as part of the investigation. Similar raids were carried out across APIL offices in NCR locations. Promoters Pranav Ansal and Sushil Ansal are facing serious charges, including illegal sale of govt land, investor fraud, and financial misappropriation. Over 70 FIRs have already been filed against the company, which was declared insolvent by the National Company Law Tribunal (NCLT). The insolvency process is underway under the CIRP framework. Earlier this month, the Income Tax department also raided APIL's Lucknow premises and seized documents related to alleged tax evasion and suspicious transactions. The company's expansion was previously facilitated through controversial policy relaxations, extending its township licence from 1,335 to 6,500 acres under the 2003 Hi-Tech Township Policy.
