Murugappa's Mavco and Avenue Capital Secure CCI Nod for MHM Holding Acquisition

The Competition Commission of India has approved the acquisition of MHM Holding by Mavco Investments and Avenue Capital Group. The acquisition involves creating a joint venture in India, with CCI granting approval under the green channel route due to no competition concerns.

The Competition Commission of India (CCI) has given the green light to Mavco Investments, an affiliate of the Murugappa family, and Avenue Capital Group to acquire MHM Holding, the parent company of Hubergroup.

Avenue Capital Group, operating through its unit Avenue India Emergence Pte, and Mavco Investments, a private Murugappa family investment arm, aim to gain control over the German firm that has significant presence in the printing ink and chemicals industry across Asia and India.

The acquisition, approved via the CCI's green channel route, highlights a unique collaboration as Avenue and Mavco plan to establish a new joint venture, India NewCo, to handle the transaction and infuse new capital for debt repayment of MHM Holding.

(With inputs from agencies.)