CCI Approvals on December 23, 2025On December 23 2025, the Competition Commission of India (CCI) under the Ministry of Corporate Affairs (MCA), approved the following proposals:
Acquisition of Certain warrants of Federal Bank by Asia II Topco XIII:
Approval: The CCI approved the proposal of  Blackstone Inc., American private equity firm, to acquire certain warrants of Federal Bank Limited, India’s leading private sector bank, through its subsidiary Asia II Topco XIII Pte Ltd.
Transaction Details: Following Federal Bank’s board approval in October 2025, Asia II Topco XIII will acquire warrants worth Rs.6,196.5 crore at Rs.227 per warrant, convertible into equity within 18 months, subject to shareholder and regulatory approvals.
Key Result: On complete exercise of the warrants, Blackstone through its arm Asia II Topco XIII will hold 9.99% of the paid-up capital share capital of Federal Bank (Target) on a fully diluted basis.
Acquisition of full control in Tata BlueScope Steel Pvt. Ltd. by TSL
Approval: The CCI has approved Tatal Steel Limited (TSL’s) proposal for acquisition of full control in Tata BlueScope Steel Pvt. Ltd, under the Competition Act, 2002.
Acquisition: As per the proposed deal, Tata Steel Limited (Acquirer) will acquire the remaining 50% stake in Tata BlueScope Steel Pvt. Ltd. (Target) held by BlueScope Steel Asia Holdings Pty Ltd (Seller) through its subsidiary Tata Steel Downstream Products Ltd (TSDPL) for up to USD 130 million (≈ Rs.1,100 crore).

• Following the completion of the transaction, Tata BlueScope Steel will become a 100%-owned subsidiary of TSL.