Acquisition of Equity Share Capital of Nash Industries by Two Infinity Partners, ChrysCapital Fund X, and Blue Wave Investments Limited

COMPETITION COMMISSION OF INDIA Combination Registration No. C-2025/12/1352

13th January 2026

Notice under Section 6(2) of the Competition Act, 2002 given by Two Infinity Partners, Chryscapital Fund X and Blue wave Investments Limited.

CORAM:

Ms. Ravneet Kaur Chairperson

Mr. Anil Agrawal Member

Ms. Sweta Kakkad Member

Mr. Deepak Anurag Member

Order under Section 31(1) of the Competition Act, 2002

1. On 1st December 2025, the Competition Commission of India (Commission) received a Notice under Section 6(2) of the Competition Act, 2002 (Act) given by Two Infinity Partners (Two Infinity), ChrysCapital Fund X (CC Fund X) and Blue Wave Investments Limited (Blue wave)(hereinafter, collectively known as ‘Acquirers’/ ‘Notifying Parties’) in relation to acquisition of certain equity share capital of Nash Industries (I) Private Limited (Nash / Target) (the Acquirers and the Target are collectively referred to as ‘Parties’).

2. The Notice was filed pursuant to the execution of inter alia (i) Share subscription and purchase agreement amongst Blue wave, Two Infinity, CC Fund X, Mr. Sanjay Shyam Wadhwa, Mr. Sandeep Ram Wadhwa and Nash, dated 25th November 2025 (SSPA); and (ii) Shareholders’ agreement amongst Blue wave, Two Infinity, CC Fund X, Mr. Sanjay Shyam Wadhwa, Mr. Sandeep Ram Wadhwa and Nash, dated 25th November 2025 (SHA).

3. The proposed combination envisages acquisition of 31.7% of the total equity share capital of the Target, which is proposed to be implemented by way of a primary subscription and a secondary acquisition by the Acquirers, pursuant to the SSPA (Proposed Combination).

4. In terms of Regulation 14 of the Competition Commission of India (Combinations) Regulations, 2024 (Combinations Regulations), vide letter dated 11th December 2025, certain information and clarifications were sought from the Parties. The Parties submitted their response on 18th December 2025 (Response).

5. Two Infinity is a partnership firm formed under the laws of India. The partners of Infinity are either (a) partners or employees of ChrysCapital Advisors, LLP (ChrysCapital Advisors); or (b) full-time consultants of ChrysCapital X, LLC (CC X) or their Affiliates. ChrysCapital Advisors and Two Infinity are part of the ChrysCapital Group, as defined below.

6. CC Fund X is the first scheme of the alternative investment fund (AIF), ChrysCapital Trust I, which is registered with the Securities and Exchange Board of India (SEBI) as a category II AIF. ChrysCapital Advisors is the investment manager of CC Fund X and also its signing authority.

7. Blue wave is a private limited company registered in Mauritius and is wholly owned indirect subsidiary of OrbitCrest Investments Limited (OCIL). It is ultimately controlled by CC X. The Acquirers belong to the ChrysCapital Group which is a private equity group with investments in sectors such as business services, consumer goods and services (including ancillary services), financial services, healthcare and pharmaceuticals. The ChrysCapital Group consists of investment funds, investment holding special purpose vehicles through which the investments are made, investment managers and the Indian investment sub advisor, ChrysCapital Advisors. ChrysCapital Group is present in India through various entities collectively referred to as ‘ChrysCapital Relevant Entities’.

8. Nash is the ultimate parent/ holding company within its group. CMW Pressings, JPT Electronics Systems Private Limited, Nash Products and Precision Products are subsidiaries of Nash and, as such, belong to the Nash Group. Nash is engaged in the business of box build solutions and metal stamping. This includes designing, manufacturing, assembling and supplying metal, electrical and/or electronic components, sub-components and sub-assemblies, including build-to-print, contract manufacturing services and original device manufacturing solutions, for customers across automotive, banking hardware, electrical and power protection, data centres, defense and aerospace, alternate energy, IT and AI related hardware, healthcare products and gaming industries. Nash Group, including its subsidiaries, downstream controlled entities and affiliates are collectively referred to as ‘Nash Relevant Entities’.

9. For the purpose of competition assessment, the Commission considered the activities of the ChrysCapital Relevant Entities on one hand and Nash Relevant Entities on the other, in India. Based on the information contained in the Notice, horizontal overlap was observed in the market for provision of box build solutions in India. Further, a vertical linkage was observed in the upstream market for manufacture and assembly of printed circuit boards (PCBs) in India and downstream market for provision of box build solutions in India.

10. The Commission noted that box build solutions constitute a complete B2B electronic manufacturing service (EMS) under which a provider integrates electrical, electronic and mechanical components (including PCBs, wiring, connectors and mechanical parts) into a final, functional product within an enclosure, and undertakes associated activities such as testing, labelling and packaging in accordance with customer specifications. Such solutions are integral to ensuring that higher-value electronic components operate reliably in the end-application, while allowing customers to maintain high quality standards and reduce operational and assembly costs. As such, box build solutions constitute a distinct service within the broader EMS sector. Further, box build solutions are supplied across multiple sectors (healthcare, aerospace, defence, automotive, banking and finance, electrical and power protection and display systems) using largely similar processes i.e., integrating PCB Assemblies, wiring, mechanical components and enclosures along with testing.

11. The Commission noted the presence of ChrysCapital Relevant Entities and Nash Relevant Entities in the market for provision of box build solutions in India and observed that the incremental and combined market share of the Parties is [0-5]%. The Commission observed that this market is highly fragmented, with a large number of established and emerging players ensuring a competitive landscape, besides the customers (who are primarily original equipment manufacturers) having significant countervailing power due to the availability of multiple alternative service providers and low switching costs. Thus, no competition concern seems to arise in this market segment. As regards the market for manufacture and assembly of PCBs in India, the market share of the ChrysCapital Relevant Entities is quite negligible to raise any concern. Considering the same, the Proposed Combination is not likely to cause any change in competition dynamics of any plausible relevant market that could have been delineated and accordingly the question of exact delineation of relevant market(s) is left open.

12. Considering the material on record, including the details provided in the Notice and the assessment of the Proposed Combination based on the factors stated in Section 20(4) of the Act, the Commission is of the opinion that the Proposed Combination is not likely to have appreciable adverse effect on competition in India. Therefore, the Commission approves the Proposed Combination under Section 31(1) of the Act.

13. The order may be revoked if, at any time, the information provided by the Notifying Parties is found to be incorrect.

14. The information provided by the Notifying Parties shall be treated as confidential in terms of and subject to provisions of Section 57 of the Act.

15. The Secretary is directed to communicate to the Notifying Parties accordingly.