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The Hindu
44 minutes ago
- Business
- The Hindu
Why antitrust regulations are pertinent
While arguing for the Sherman Act, Senator John Sherman said in 1890, 'If we will not endure a king as a political power, we should not endure a king over the production, transportation, and sale of any of the necessaries of life.' The law would eventually mark the beginning of antitrust regulation in the United States, while also laying the groundwork for similar statutes preserving market competition worldwide, including in India. Sherman's idea of what constitutes a 'necessity of life' has evolved since then. Technology is reshaping societies and markets — it now shapes the production, transportation, and sale of most goods and services, leading to the rise of what we now term the global 'digital economy'. India is a significant player, with its domestic digital economy contributing 11.74% to its GDP (2022-23). This success has partially been driven by technology start-ups, which rose from just 2,000 in 2014 to over 31,000 in 2023. The government recognises their potential and leans on them to build a $35 trillion 'Viksit Bharat' by 2047. Yet Sherman's concern about a few players dominating economies still applies. In Digital India, the kings are located in foreign waters, dictating selective terms to home-grown start-ups building the country's digital future. As a result, the ability of Indian start-ups to scale is often stunted. While these global firms connect societies, they also wield immense monopolistic power. A recent case by a leading Indian online gaming company against Google, filed with the Competition Commission of India (CCI), highlights the risks posed by such dominance. On start-ups and monopolies Discriminatory practices by gatekeepers in the digital economy harm India's economy, business environment, and consumers. Google, for example, dominates distribution and discovery of digital services. With Android holding about 95% of the of the mobile operating system market share in India, it is nearly impossible for consumers to discover new online businesses without the latter hawking their services on Google's superior search engine, app store, or online advertising ecosystem. This dominance has led to discriminatory outcomes for Indian start-ups. For example, high commissions levied by Google on transactions taking place within its payments ecosystem have dampened the revenues of start-ups using these services. These issues have led domestic antitrust regulators to crack down on the tech giant, preventing Google from restricting app developers from using third-party payment systems or from communicating with their users to promote their apps. The gaming start-up's CCI filing is an addition to this long list of concerns with Google's anticompetitive behaviour in India. In its complaint, the gaming industry leader alleged that Google abused its dominant position via a discriminatory Real Money Gaming (RMG) Pilot Program operated through the Play Store, and restrictive advertising policies. Google's Pilot Program, launched in September 2022, selectively permitted two specific formats of RMG on the Play Store — Daily Fantasy Sports (DFS) and rummy — limiting market access for other formats of RMG, such as the casual games offered by the gaming company. While Google discontinued similar pilots in Mexico and Brazil in June 2024, its Indian iteration continues to date, offering DFS and rummy operators relatively unfettered access. For example, the complaint notes that a DFS operator with 90% of the market share acquired 150 million users over 16 years, but upon joining the Pilot, it added another 55 million users in just one year. Google similarly amended its advertising policies following the launch of the Pilot, limiting gaming advertisements to DFS and rummy operators, which earlier allowed advertisements by all games of skill. Before these amendments, the online gaming leader claimed that 68.21% of its app downloads were derived from Google's ad program. Now, they have stopped — a deep cut for an Indian start-up with proven global credibility and scale. CCI, the forward-looking and progressive digital regulator, has began an investigation into these concerns. Costs to India Such market distortions carry serious economic consequences, compromising India's ability to reach its digital economy ambitions. Most importantly, lack of competition leads to 'reductions in quality and consumer choice[s]', and excessive reliance on few powerful players. Net-net, everyone loses, except the gatekeepers. India cannot afford such a loss in innovation — and nor can its people, who will ultimately benefit from competitive growth, driven by ambitious start-ups. Sherman's homeland offers some insight into what the future holds for markets where the antitrust issue is not addressed head-on. Antitrust scholars suggest that rising monopolisation across American industries has increased the cost of doing business for growing businesses, leading to a dramatic decrease in Initial Public Offerings. The economic consequences of such lopsided markets are too severe for India to bear. Ultimately, global tech giants play a critical role in powering these new-age businesses. What the future requires is recognition from Indian adjudicators that avenues for distribution and monetisation must be democratised, without gatekeeping, for domestic start-ups to thrive. The gaming industry leader's case carries on Sherman's legacy — it is one step towards a fairer field for everyone. Alwyn Didar Singh, Former Secretary to the Government of India and former Secretary General, FICCI
Economic Times
44 minutes ago
- Business
- Economic Times
Torrent Pharmaceuticals plans Semaglutide rollout post patent expiry
Mumbai: Torrent Pharmaceuticals is planning to catch the first wave of semaglutide launch once Danish drugmaker Novo Nordisk's patent expires early next year. The Ahmedabad-based company is looking to be present in both oral and injectable versions of the weight loss drug, a top executive said. Torrent is currently conducting Phase 3 clinical trials for oral products while it has also partnered for the injectables. "As of now it looks like we could be in the first will be a reasonable addition to our chronic medicine portfolio in the next 1-2 years," company officials said over an investor call on company reported an 11% growth in its first quarter revenue to ₹3,178 crore, while net profit was ₹548 crores, up 20% y-o-y. Its operating EBITDA stood at ₹1,032 crore, up 14% y-o-y, while EBITDA margin was at 32.5%. The operating EBITDA includes acquisition-related one-off expenses of ₹15 crore. On JB Pharma acquisition, Aman Mehta, whole time director, Torrent Pharma, said that the acquisition was on track. "There were some filings required in terms of public offer and merger schemes including the CCI application, all those have been done now. We have to now wait for the CCI to revert and see if there are incremental things to be done," he company will acquire 46.39% equity stake (on a fully diluted basis) of JB Pharma through a share purchase agreement for ₹11,917 crore at ₹1,600 per will trigger a mandatory open offer to acquire up to 26% of JB Pharma shares from public shareholders at an open offer price of ₹1,639.18 per has also expressed its intent to acquire up to 2.80% of equity shares from employees of JB Chemicals at transaction Chemicals shareholders will get 51 equity shares of Torrent for every 100 equity shares of JB Chemicals.
Time of India
2 hours ago
- Business
- Time of India
Torrent Pharmaceuticals plans Semaglutide rollout post patent expiry
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Mumbai: Torrent Pharmaceuticals is planning to catch the first wave of semaglutide launch once Danish drugmaker Novo Nordisk 's patent expires early next year. The Ahmedabad-based company is looking to be present in both oral and injectable versions of the weight loss drug , a top executive is currently conducting Phase 3 clinical trials for oral products while it has also partnered for the injectables."As of now it looks like we could be in the first will be a reasonable addition to our chronic medicine portfolio in the next 1-2 years," company officials said over an investor call on company reported an 11% growth in its first quarter revenue to ₹3,178 crore, while net profit was ₹548 crores, up 20% y-o-y. Its operating EBITDA stood at ₹1,032 crore, up 14% y-o-y, while EBITDA margin was at 32.5%. The operating EBITDA includes acquisition-related one-off expenses of ₹15 JB Pharma acquisition , Aman Mehta, whole time director, Torrent Pharma, said that the acquisition was on track."There were some filings required in terms of public offer and merger schemes including the CCI application, all those have been done now. We have to now wait for the CCI to revert and see if there are incremental things to be done," he company will acquire 46.39% equity stake (on a fully diluted basis) of JB Pharma through a share purchase agreement for ₹11,917 crore at ₹1,600 per will trigger a mandatory open offer to acquire up to 26% of JB Pharma shares from public shareholders at an open offer price of ₹1,639.18 per has also expressed its intent to acquire up to 2.80% of equity shares from employees of JB Chemicals at transaction Chemicals shareholders will get 51 equity shares of Torrent for every 100 equity shares of JB Chemicals.
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Business Standard
2 hours ago
- Automotive
- Business Standard
Renault Group gets CCI nod to acquire remaining 51% stake in Indian JV
Fair trade regulator CCI on Monday approved French auto major Renault group's proposal to buy out its Japanese partner Nissan's remaining 51 per cent stake in their Indian manufacturing joint venture -- Renault Nissan Automotive India Pvt Ltd. Renault Group B V and its nominee Renault SAS are acquiring the entire shareholding of the Nissan entities in Renault Nissan Automotive India Pvt Ltd (RNAIPL). "The proposed combination involves the acquisition of equity shares and fully paid-up zero coupon non-convertible redeemable preference shares held by Nissan Motor Company Ltd," the Competition Commission of India (CCI) said in a release. Japan (Nissan) and Nissan Overseas Investments B V (Nissan Overseas) are collectively divesting their stakes in the joint venture. Renault Group B V is engaged in the designing and manufacturing of passenger cars and light commercial vehicles worldwide and Renault SAS is engaged in the construction, maintenance and manufacturing of parts and equipment. "CCI approves the proposed acquisition of certain shareholding of Renault Nissan Automotive India Pvt Ltd by Renault Group BV and Renault SAS," CCI said in a post on X. In March this year, Renault Group said it will buy out Nissan's 51 per cent stake in their Indian joint venture RNAIPL for an undisclosed amount. The JV firm operates the alliance's Chennai-based production facility, which rolls out models for both Renault and Nissan brands. As part of a global framework agreement signed between Renault Group and Nissan, Renault Group would own 100 per cent of Renault Nissan Automotive India, by acquiring the 51 per cent shareholding currently held by Nissan. The company, however, did not disclose the financial details of the transaction. Nissan will continue to use RNAIPL for sourcing vehicles for India and for exports in the coming years, Renault Group said. Meanwhile, Renault Group and Nissan will continue to operate jointly, Renault Nissan Technology & Business Center India (RNTBCI) in which Nissan will retain its 49 per cent stake and Renault Group will hold its 51 per cent stake. In a separate release, the CCI cleared the proposed combination involving Anantam Highways Trust, Alpha Alternatives Fund Advisors LLP and others (Sponsor and Sponsor Group) and Dilip Buildcon Ltd (DBL) and DBL Infraventures (DIPL). Anantam Highways is a Sebi-registered infrastructure investment trust (InvIT). DBL is engaged construction of road and highways. DIPL is a wholly owned subsidiary of DBL, and belong to the DBL Group. Deals beyond a certain threshold require approval from the regulator, which keep a tab on unfair business practices as well as promotes fair competition in the marketplace. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
News18
5 hours ago
- Automotive
- News18
Renault Group gets CCI nod to acquire remaining 51 pc stake in Indian JV
New Delhi, Jul 28 (PTI) Fair trade regulator CCI on Monday approved French auto major Renault group's proposal to buy out its Japanese partner Nissan's remaining 51 per cent stake in their Indian manufacturing joint venture — Renault Nissan Automotive India Pvt Ltd. Renault Group B V and its nominee Renault SAS are acquiring the entire shareholding of the Nissan entities in Renault Nissan Automotive India Pvt Ltd (RNAIPL). 'The proposed combination involves the acquisition of equity shares and fully paid-up zero coupon non-convertible redeemable preference shares held by Nissan Motor Company Ltd," the Competition Commission of India (CCI) said in a release. Japan (Nissan) and Nissan Overseas Investments B V (Nissan Overseas) are collectively divesting their stakes in the joint venture. Renault Group B V is engaged in the designing and manufacturing of passenger cars and light commercial vehicles worldwide and Renault SAS is engaged in the construction, maintenance and manufacturing of parts and equipment. 'CCI approves the proposed acquisition of certain shareholding of Renault Nissan Automotive India Pvt Ltd by Renault Group BV and Renault SAS," CCI said in a post on X. In March this year, Renault Group said it will buy out Nissan's 51 per cent stake in their Indian joint venture RNAIPL for an undisclosed amount. The JV firm operates the alliance's Chennai-based production facility, which rolls out models for both Renault and Nissan brands. As part of a global framework agreement signed between Renault Group and Nissan, Renault Group would own 100 per cent of Renault Nissan Automotive India, by acquiring the 51 per cent shareholding currently held by Nissan. The company, however, did not disclose the financial details of the transaction. Nissan will continue to use RNAIPL for sourcing vehicles for India and for exports in the coming years, Renault Group said. Meanwhile, Renault Group and Nissan will continue to operate jointly, Renault Nissan Technology & Business Center India (RNTBCI) in which Nissan will retain its 49 per cent stake and Renault Group will hold its 51 per cent stake. In a separate release, the CCI cleared the proposed combination involving Anantam Highways Trust, Alpha Alternatives Fund Advisors LLP and others (Sponsor and Sponsor Group) and Dilip Buildcon Ltd (DBL) and DBL Infraventures (DIPL). Anantam Highways is a Sebi-registered infrastructure investment trust (InvIT). DBL is engaged construction of road and highways. DIPL is a wholly owned subsidiary of DBL, and belong to the DBL Group. Deals beyond a certain threshold require approval from the regulator, which keep a tab on unfair business practices as well as promotes fair competition in the marketplace. PTI HG TRB view comments First Published: July 28, 2025, 21:45 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
