India is a key overseas market for several global tech giants including Meta and Google. The South Asian country is now gearing up to make its voice heard for global M&A deals. From the report: New Delhi proposed amendments to its Competition Act 2002 to make a number of changes, including requiring the approval of a local watchdog (the Competition Commission of India) for all foreign deals worth more than $252 million for firms that carry on “substantial business transactions in India”. “
India, the world’s second-largest internet market, which has attracted tens of billions of dollars in investment from Meta, Google and Amazon and venture capitalists including SoftBank, Sequoia and Tiger Global, has traditionally scrutinized deals based on asset size rather than transaction value. According to law firm Shardul Amarchand Mangaldas, the Indian regulator has approved more than 700 seals in the past decade alone. But, apparently, the situation is changing and trying to equalize the position of India with the position of China, USA and Europe.