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Ya Biladi
2 days ago
- General
- Ya Biladi
Morocco hosts pivotal forum to boost African legal cooperation with new HCCH Office
The first Forum of Ambassadors of African States was held on Tuesday in Rabat as part of the preparations for the launch of the activities of the African Regional Office of the Hague Conference on Private International Law (HCCH) in Morocco. This event aims to strengthen legal capacities across the African continent. On this occasion, the Minister of Justice, Abdellatif Ouahbi, emphasized the importance of this office as a strategic lever to improve cross-border legal and judicial cooperation among African countries. He also noted that the establishment of this structure in Morocco demonstrates African leadership in the field of private international law and helps to enhance the convergence between national and foreign legal systems. The office aims to facilitate the accession of African states to the HCCH and to promote the adoption of the Hague legal instruments. Rachid Ouadifi, the representative of the office in Morocco, highlighted that the Kingdom's hosting of the office is a testament to the credibility and trust the country enjoys within the international community. The Secretary General of the HCCH, Christophe Bernasconi, expressed his belief that the Regional Office in Morocco will contribute to increasing the visibility of the Conference's work across the African continent. He also noted that this structure will encourage African states to adhere to international conventions in various legal fields. The event brought together ambassadors from African countries and some Arab countries, underscoring the importance of strengthening cross-border legal cooperation and supporting the integration of African countries into the HCCH system of conventions.
Ya Biladi
4 days ago
- Politics
- Ya Biladi
The regional office of the HCCH for Africa to be established in Morocco
An agreement to establish the Regional Office of the Hague Conference on Private International Law (HCCH) for Africa in Morocco was signed on Monday in Rabat between the Moroccan government and the HCCH. The agreement was signed by Nasser Bourita, Morocco's Minister of Foreign Affairs, African Cooperation, and Moroccans Living Abroad, and Christophe Bernasconi, Secretary General of the HCCH. It marks a significant milestone in the cooperation between Morocco and the Hague Conference on Private International Law. This regional office will promote the HCCH's legal cooperation instruments, particularly in the areas of family law, child protection, transnational litigation, and the authentication of public documents, Bernasconi explained during a press briefing following the signing ceremony. The signing was attended by Rachid Ouadifi, Director of Civil Affairs and Legal and Judicial Professions at Morocco's Ministry of Justice, who serves as the central authority for the conventions and legal instruments under the HCCH. Morocco has been a member of the HCCH since 1993 and is a party to several of its conventions. Bernasconi commended Morocco's active commitment to implementing these instruments and highlighted the country's recognized expertise in this field. In March, Morocco was unanimously selected to host the HCCH's Africa Regional Office. The decision was made during the Council on General Affairs and Policy (CGAP) meetings held from March 4 to 7 at the Hague Academy's headquarters. The CGAP event brought together 452 delegates representing 75 HCCH member states, 44 non-member states, and around 20 intergovernmental and international non-governmental organizations—underscoring the strategic importance of Morocco's designation. Founded in 1893, the HCCH is the oldest intergovernmental organization based in The Hague. It works to unify private international law rules through the adoption of international conventions, having developed over 40 instruments to date with its 91 member states and the European Union.
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Business Standard
30-05-2025
- Business
- Business Standard
Jubilant Bhartia eyes ₹5,650 cr NCDs to fund 40% stake in Coca-Cola deal
The Jubilant Bhartia Group is gearing up to raise over ₹5,650 crore through non-convertible debentures (NCDs) issued by two group companies, to help finance its ₹12,650 crore acquisition of a 40 per cent stake in Hindustan Coca-Cola Holdings Pvt Ltd (HCCH), Coca-Cola's largest bottling partner in India, according to a report by The Economic Times. Jubilant Beverages Ltd, a subsidiary of Jubilant Bhartia Group, plans to issue ₹2,650 crore in fully paid-up, unsecured, rupee-denominated, listed-rated, redeemable NCDs, the news report said. The offering will be split into ₹795 crore from anchor investors and ₹1,855 crore from a broader market tranche. Separately, Jubilant Bevco Ltd aims to raise ₹3,000 crore through a similar bond issuance, including ₹900 crore from anchor subscriptions and ₹2,100 crore from other investors. Zero-coupon structure and step-up clause Both NCD issuances are structured as zero-coupon instruments with tenures of two years, 11 months, and 27 days. They offer annualised implied yields of 9 per cent for Jubilant Beverages and 9.15 per cent for Jubilant Bevco. The bonds include a step-up clause: in the event of a credit rating downgrade, the internal rate of return will increase by 25 basis points. Instead of periodic coupon payments, investors will receive a redemption premium at maturity. Public issue opens on June 4 For Jubilant Beverages Ltd, six anchor investors — including HDFC Mutual Fund, Nippon India Mutual Fund, Franklin Templeton Mutual Fund, Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, and Nomura Fixed Income Securities Ltd — have committed ₹795 crore, The Economic Times report said. Financing the HCCH acquisition Proceeds from the NCDs will contribute to financing the group's acquisition of HCCH, which was announced in December 2024 and received Competition Commission of India approval on May 1 this year. Under the deal structure, Jubilant Beverages Ltd will acquire equity shares from Coca-Cola entities, while Jubilant Bevco and an investor consortium will subscribe to compulsorily convertible preference shares (CCPS) in Jubilant Beverages Ltd. The funding package comprises ₹5,650 crore of debt from the NCDs, CCPS from private capital providers, and an equity infusion from Jubilant Bhartia's holding company, JBCL. The deal values Hindustan Coca-Cola Beverages at an enterprise value of ₹31,250 crore. Dunkin' Donuts, Hong's Kitchen expansion stalled Meanwhile, Jubilant FoodWorks Ltd, which operates Domino's Pizza in India, has put expansion plans for Dunkin' Donuts and Chinese fast-casual brand Hong's Kitchen on hold to focus on its core brands amid the group's acquisition of HCCH. Jubilant FoodWorks Ltd has engaged EY to restructure and streamline the business and is also exploring the possibility of selling franchise rights for some of its smaller brands in India, the report said.
News18
02-05-2025
- Business
- News18
Jubilant Bhartia Group Gets CCI Approval To Acquire 40% Stake In Coca-Cola's Bottling Arm
Last Updated: CCI clears Jubilant Beverages' 40% stake acquisition in HCCH, marking a key strategic move in India's beverage sector The Competition Commission of India (CCI) has approved the proposed acquisition involving Jubilant Beverages Limited (JBL). Under the transaction, JBL will acquire a 40% shareholding in HCCH, marking a significant strategic move in the beverage and consumer goods sector. In December, Coca-Cola announced a strategic agreement with the Jubilant Bhartia Group to divest a 40% stake in Hindustan Coca-Cola Holdings (HCCH), the parent entity of Hindustan Coca-Cola Beverages (HCCB) — the company's largest bottling arm in India. Sources familiar with the deal, who have signed non-disclosure agreements, earlier told News18 that the transaction is valued at approximately Rs 12,500 crore, placing HCCB's total valuation at around Rs 31,250 crore. Sanket Ray, President of Coca-Cola India and Southwest Asia, in a press note, had said Jubilant's expertise would help accelerate the Coca-Cola system's growth and deepen its value to consumers and communities. The partnership aligns with Coca-Cola's global asset-light strategy, which involves refranchising its bottling operations. Jubilant Bhartia Group, advised by Morgan Stanley, is expected to fund the deal in partnership with Goldman Sachs, with Jubilant contributing around 40% of the capital. HCCB, which operates primarily in South and West India, manufactures and distributes 60 beverages, including Coca-Cola, Thums Up, Sprite, Minute Maid, Maaza, and Kinley. In FY24, HCCB reported a 10.1% increase in revenue to Rs 14,021.54 crore and a threefold rise in net profit to Rs 2,808.31 crore. Jubilant FoodWorks, part of the Bhartia Group, operates franchise rights for Domino's, Dunkin', and Popeyes in India. First Published: May 01, 2025, 19:27 IST
Time of India
01-05-2025
- Business
- Time of India
Jubilant Beverages get CCI nod to acquire 40 pc stake in Hindustan Coca-Cola Holdings
Fair trade regulator CCI on Thursday cleared Jubilant Beverages' proposal to acquire a 40 per cent stake in Hindustan Coca-Cola Holdings Pvt Ltd (HCCH). "The proposed combination relates to inter alia, JBL (Jubilant Beverages Ltd) proposed acquisition of 40 per cent of the shareholding of HCCH from Hindustan Coca-Cola Overseas Holdings Pte Ltd, and Bharat CocaCola Overseas Holdings Pte Ltd," the Competition Commission of India (CCI) said in a release. HCCH is a holding company with no independent activities in India and belongs to the Atlanta-based The Coca-Cola Company group. Hindustan Coca-Cola Beverages (HCCB) is a subsidiary of the HCCH. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If You Eat Ginger Everyday for 1 Month This is What Happens Tips and Tricks Undo HCCB is engaged in the preparation, packaging, supply and distribution of a variety of Coca-Cola beverages in India. It is also engaged in the preparation and distribution of beverages under the 'Monster' brand owned by Monster Inc. The competition watchdog has also granted its clearance to BevCo's and the Investors' proposed subscription to compulsorily convertible preference shares (CCPS) in JBL. "CCI approves the proposed combination involving the acquisition of 40 per cent shareholding of HCCH by Jubilant Beverages Ltd and proposed subscription to CCPS in JBL by Jubilant BevCo Ltd and the Investors," the regulator said. Live Events Jubilant Beverages and Jubilant BevCo (BevCo) are newly incorporated entities and belong to the Jubilant Bhartia Group. WSSS Investments Aggregator 1 and WSSS Investments Aggregator 2 are collectively referred to as 'Investors' and are owned by funds managed by Goldman Sachs Asset Management. Last week, competition watchdog CCI approved Kandhari Global Beverages' proposal to acquire beverage major Coca-Cola's bottling plant for Rs 2,000 crore. In December last year, Coca-Cola announced the sale of a 40 per cent stake in its India bottling business Hindustan Coca-Cola Beverages Pvt Ltd (HCCBL) to Jubilant Bhartia Group. The company has not disclosed the financial details of the deal. However, some media reports have pegged it at around Rs 10,000 crore for the 40 per cent stake in Hindustan Coca-Cola Holdings. This deal is part of The Coca-Cola Company's strategy to divest its stake in bottling operations globally as per its asset-light strategy. HCCBL operates 13 factories and manufactures and sells 37 different products. In a separate release, CCI on Thursday approved the proposed combination involving the acquisition of HealthCare Global Enterprises Ltd (HCG) by KKR through Hector Asia Holdings and the KIA EBT II Scheme. Bengaluru-headquartered HCG is one of the largest providers of cancer care in India. "CCI approves proposed combination involving acquisition in HealthCare Global Enterprises Limited by KKR through Hector Asia Holdings and KIA EBT II Scheme," the regulator said in a post on X. Hector Asia Holdings II Pte (Hector) is owned by investment funds of KKR and Co Inc and KIA EBT II Scheme 1 is an employee benefit scheme of KIA EBT Trust II (EBT). EBT's beneficiaries are employees of KKR. Mergers and acquisitions beyond a certain threshold mandatorily require approval from CCI, which keeps a tab on anti-competitive practices and promotes fair competition in the marketplace. In February, global investment firm KKR announced that it had acquired a controlling stake in HCG for USD 400 million.
