General Atlantic Singapore BWP Pte. Ltd. Acquisition of Balaji Wafers Private Limited

COMPETITION COMMISSION OF INDIA Combination Registration No. C-2026/01/1376

03rd March 2026

Notice under Section 6(2) of the Competition Act, 2002 given by General Atlantic Singapore BWP Pte. Ltd.

CORAM: Ms. Ravneet Kaur Chairperson

Mr. Anil Agrawal Member

Ms. Sweta Kakkad Member

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

1. On 29th January 2026, the Competition Commission of India (Commission) received a notice (Notice) under Section 6(2) of the Competition Act, 2002 (Act), given by General Atlantic Singapore BWP Pte. Ltd. (GASBWP/Acquirer) in relation to acquisition of 6.93% shareholding on a fully diluted basis in Balaji Wafers Private Limited (Balaji Wafers/Target) by the Acquirer from existing shareholders of the Target (Sellers)(Proposed Combination) [hereinafter, the Acquirer and the Target are collectively referred to as the ‘Parties’].

2. The Notice was filed pursuant to execution of, inter alia, (i) share purchase agreement dated 17th January 2026 executed amongst Acquirer, Sellers and the Target (SPA) and (ii) Shareholders’ agreement dated 17th January 2026 executed amongst the Acquirer, Sellers, Intensive Softshare Private Limited (Intensive) and the Target (SHA).

3. In terms of Regulation 14 of the Competition Commission of India (Combinations) Regulations, 2024 (Combinations Regulations), vide letter dated 10th February 2026 certain information and clarifications were sought from the Acquirer. The Acquirer submitted its response on 17th February 2026 (Response).

4. GASBWP is an investment holding company incorporated under the laws of Singapore. GASBWP is affiliated with a group of General Atlantic investment funds that provide capital and strategic support to growing businesses (General Atlantic Group). General Atlantic Group invests, through its family of funds, in companies across the following global sectors - technology, healthcare and life sciences, financial services, consumer, climate and sustainable infrastructure, infrastructure and real estate (General Atlantic Portcos).

5. Balaji Wafers is an Indian snack food manufacturing company engaged in the business of manufacturing and sale of packaged foods including salted snacks, non-salted snacks, biscuits, ready-to-eat foods, and condiments. It supplies its products through a wide network of distributors and retailers across India, with a particularly strong presence in western and central India.

6. For the purpose of competition assessment, the Commission considered the activities of General Atlantic Portcos which meet the materiality thresholds in India on one hand and the business activities of the Target in India on the other.

7. Based on the information contained in the Notice, it was observed that there are no horizontal overlaps or vertical linkages between the activities of General Atlantic Portcos and the Target in India. However, one of General Atlantic Portcos, i.e. Absolute Barbeque Private Limited (Absolute Barbeque) is a chain of casual-dining restaurants which specialise in serving different variations of barbeques. Accordingly, the Acquirer proposed a complementary linkage between market for packaged foods in India and downstream market for food services in India (Proposed Complementary Linkage).

8. The Commission noted that this complementary linkage is rather far-fetched. While Absolute Barbeque delivers food prepared at the restaurant, it does not sell packaged foods either of its own brand or any other brand. Further, the Target does not have tie- ups with restaurants or food outlets for selling its products directly. Balaji Wafers sells its products to distributors, who in turn may undertake onward sales.

9. The Commission noted that the Proposed Complementary Linkage is too weak to even constitute a complementary linkage and by its nature itself is not likely to raise concerns of appreciable adverse effect on competition (AAEC) in any plausible market that could be delineated for the purpose of competition assessment. Accordingly, the question of exact delineation of relevant market(s) is left open.

10. 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 AAEC in India. Therefore, the Commission approves the Proposed Combination under Section 31(1) of the Act.

11. The order may be revoked if, at any time, the information provided by the Acquirer is found to be incorrect.

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

13. The Secretary is directed to communicate to the Acquirer accordingly.