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India Seeks Wider Authority Over Global M&A With Antitrust Law

  • Deals above $252 million would need India antitrust approval
  • Bill may be placed before parliament as early as Friday
Narendra Modi
Narendra ModiPhotographer: T. Narayan/Bloomberg

India plans to overhaul its competition law so that global technology companies will have to seek the country’s antitrust approval for many overseas mergers and acquisitions, an ambitious move by Prime Minister Narendra Modi’s government to gain the kind of influence over Big Tech that Europe and China have.

All deals where the transaction value exceeds 20 billion rupees ($252 million) would require permission of India’s antitrust regulator if the firms have “substantial business operations in India,” according to a draft bill seen by Bloomberg News. The bill could be presented to parliament as early as Friday, according to a person with knowledge of the matter who confirmed the document’s contents.