CCI to automatically approve 'Large M&As'

India’s anti-trust body, the Competition Commission of India (CCI), is planning to come out with regulations for automatic approval to large mergers and acquisitions (M&As) if these are not harming the interest of the consumers. As per the regulations which are being finalised by the CCI, its permission is required for any acquisition where the combined turnover of the two parties (acquirer and the enterprise being acquired) exceeds Rs 3,000 crore or the combined value of their assets is more than Rs 1,000 crore. If it is an overseas transaction, the threshold limit is $500 million worth of assets or turnover in excess of $ 1.5 billion. Sections 5 and 6 of the Competition Act, 2002 which deal with mergers and acquisitions is yet to be notified. Till these sections are not notified, the CCI cannot deal with cases under these two sections. Under the current competition framework, the CCI can take up to 210 days to clear a transaction.