We extend a warm welcome to our esteemed readers as we present our newsletter. In this edition, we shed light on the latest developments in India’s corporate legal sphere for May, June & July. We are thrilled to bring you varied news and insights, encompassing regulatory advancements to keep you up to date. From recent updates & deals to court decisions, we have got all the news you need to stay ahead in the corporate legal landscape.
So, sit back, enjoy your favorite beverage, and dive into the latest developments in India’s corporate legal landscape.
DEAL TRACKER
1. CCI Approves RSPL’s 100% Acquisition of SMCPGL:
On July 15, 2025, CCI has approved the acquisition of 100% shareholding in SMC Power Generation Limited (“SMCPGL”) by Rungta Sons Private Limited (“RSPL”). RSPL, a private limited company, operates in the mining of iron ore and manganese ore and production of ferro alloys. SMCPGL, a public limited company, is primarily engaged in manufacturing and selling of sponge iron, steel billets, thermo mechanical treatment bars, pig iron and ferro alloys.
2. CCI approves GIC’s stake acquisition in Groww:
On July 01, 2025, CCI approved the acquisition of 2.143% shareholding in Billionbrains Garage Ventures Limited (“Groww”) by Viggo Investment Pte. Ltd. (“GIC Investor”) pursuant to the execution of, inter-alia, a Deed of Adherence and Share Subscription Agreement dated April 28, 2025. GIC Investor is an investment holding company and a wholly owned subsidiary of Enterprise Holding Pte. Ltd., which in turn is wholly owned by GIC (Ventures) Private Limited. Groww, an Indian company, operates an online trading platform and app that enables investments in stocks, mutual funds, and other financial instruments. It also engages in software development, marketing of licensed software, and consultancy services to its group entities.
3. Snitch raises fund in Series B to expand retail and go global:
Snitch, a direct-to-consumer menswear brand, has raised $40 million in a Series B funding round led by 360 One Asset. The round also saw participation from its existing investors IvyCap Ventures and SWC Global, alongside the Ravi Modi Family Office (founders of the Manyavar brand) and a group of angel investors. Founded in 2020, Snitch has rapidly grown by offering fashion-forward menswear through digital-first channels. The fresh capital will be deployed to scale its offline retail footprint to more than 100 by the end of 2025, enter the quick commerce segment and launch new lifestyle categories. Snitch also plans to pilot its international expansion while bolstering backend capabilities and tech infrastructure.
4. Jumbotail secures funding led by SC Ventures:
Jumbotail, a leading B2B marketplace and New Retail platform for food and grocery in India, has raised $120 million in a funding round led by SC Ventures, the innovation and investment arm of Standard Chartered Plc. As per the news reports, the round also saw participation from existing investors including Artal Asia, bringing Jumbotail’s total capital raised to $263 million.
DEAL FOCUS
Delhivery Limited Bolsters Logistics Prowess with Strategic Acquisition of Ecom Express Limited
In a landmark move set to redefine India’s e-commerce logistics landscape, Delhivery Limited (“Delhivery”) has signed definitive agreement(s) to acquire a controlling stake in Ecom Express Limited (“Ecom Express”). This strategic acquisition, which received regulatory clearance from the Competition Commission of India (“CCI”) on June 17, 2025, marks a significant milestone in Delhivery’s journey to solidify its position as India’s most comprehensive and efficient logistics platform. The transaction was successfully completed on July 17, 2025.
A Peek into the Transaction
The acquisition involves Delhivery acquiring at least 99.44% of the equity and preference shareholding (on a fully diluted basis) of Ecom Express Limited for a cash consideration of up to INR 1,407 crores. This comprehensive buyout provides a complete exit for Ecom Express’s existing shareholders, including prominent global investors like Warburg Pincus, CDC Group (British International Investment). Ecom Express, an unlisted entity, will now operate as a subsidiary of Delhivery, integrating its specialized e-commerce logistics capabilities into Delhivery’s expansive network.
How this Transaction Benefits Delhivery
This acquisition offers multifaceted strategic advantages for Delhivery, enhancing its scale, reach, and service offerings in the rapidly growing Indian e-commerce market:
- Enhanced Scale and Network Depth: Ecom Express brings a robust delivery network, particularly a strong foothold in Tier 2, Tier 3, and even Tier 4 cities. This significantly expands Delhivery’s reach, promising faster delivery times and improved first-attempt delivery rates across India, especially in previously underserved areas.
- Consolidation and Efficiency: By integrating Ecom Express’s infrastructure, including sorting centers, warehouses, and delivery fleets, Delhivery is poised to achieve greater economies of scale. This consolidation is expected to lead to lower cost-per-delivery, improved capacity utilization, and enhanced operational efficiencies.
- Strengthened E-commerce Proposition: Ecom Express specializes in logistics solutions tailored for the e-commerce industry, including first-mile pickup, last-mile delivery, reverse logistics and returns management. This expertise will directly bolster Delhivery’s value proposition to its e-commerce and Direct-to-Consumer (D2C) clients, enabling it to offer even more comprehensive and reliable services.
- Access to New Clientele: The acquisition provides Delhivery access to Ecom Express’s established client base, further solidifying its market share and opening new avenues for business.
The Road Ahead
The integration of Ecom Express into Delhivery’s operations is expected to unlock significant synergies. Delhivery’s commitment to ongoing investments in network automation, electric vehicles, emerging technologies, and R&D will now extend to the newly acquired assets, driving further innovation and service excellence. This consolidation positions Delhivery to not only maintain but significantly strengthen its leadership in India’s competitive logistics sector. As the e-commerce market continues its strong double-digit growth trajectory, the combined entity is well-placed to deliver unparalleled logistics solutions, contributing to a more efficient and responsive supply chain across the nation.
Conclusion
Delhivery’s acquisition of Ecom Express is more than just a corporate transaction, it represents a strategic consolidation in India’s logistics industry, aimed at building a more robust, scalable, and technologically advanced platform. This move underscores Delhivery’s commitment to continuous improvement in cost efficiency, speed, and reach of logistics services. By combining the strengths of both companies, Delhivery is set to create a formidable force, poised to lead the next phase of growth and transformation in the Indian e-commerce logistics landscape.
SIGNIFICANT REGULATORY UPDATES
1. SEBI Issues a Master Circular for Listed Debt and Money Market Instruments1
SEBI, via circular dated July 11, 2025, released a consolidated master circular encompassing all regulatory guidance related to Non-Convertible Securities (NCS), Securitized Debt Instruments (SDIs), and Commercial Paper (CP). This replaces the earlier circulars and aims to simplify compliance and improve regulatory clarity. Past actions under rescinded circulars shall remain valid. Stock exchanges, issuers, and intermediaries are required to align their systems and processes with the master circular and ensure effective dissemination and compliance.
2. IFSCA Strengthens Compliance Norms for FCAs under LRS2
Through its circular dated June 23, 2025, the International Financial Services Centres Authority (“IFSCA”) has amended the operational guidelines for Foreign Currency Accounts (“FCAs”) of Indian resident individuals maintained with International Banking Units (“IBUs”) under the Liberalised Remittance Scheme (“LRS”). IBUs must now obtain declarations from resident individuals confirming that any spending or remittance from their FCA aligns with the purpose initially declared at the time of remittance or is otherwise permitted under LRS. These measures aim to enhance oversight and ensure transparent utilisation of funds within International Financial Services Centres (“IFSCs”).
3. RBI Introduces Uniform Framework on Pre-payment Charges3
The Reserve Bank of India’s (“RBI”) Pre-payment Directions, 2025, effective from January 01, 2026, aim to standardize and simplify pre-payment norms across lenders, enhancing borrower flexibility. The key provisions include a blanket prohibition on pre-payment charges for floating rate loans to individuals (non-business use) and to individuals/MSEs (business use), with lender-type-specific thresholds. Exemptions apply irrespective of funding source or lock-in period. Further, any applicable charges on other loan types must follow approved policies and be transparently disclosed in all loan documents. The guidelines issued by RBI earlier on this subject shall stand repealed from the effective date.
4. CCI Approves Mahindra’s Acquisition of Stake in SML Isuzu4
On June 17, 2025, CCI approved the proposed acquisition of a controlling stake in SML Isuzu Limited (“SML”) by Mahindra and Mahindra Limited (“Mahindra”). Mahindra, a leading Indian conglomerate with a strong presence in the automotive and farm equipment sectors, will strengthen its position in the commercial vehicle space through this acquisition. SML manufactures and sells light and medium-duty trucks, buses, and special-purpose vehicles. The transaction is expected to create synergies in product development, distribution, and operations, enhancing Mahindra’s competitiveness in the commercial vehicle segment.
5. IFSCA Introduces Fee Structure for KYC Registration Agencies in GIFT IFSC5
On June 13, 2025, IFSCA issued a circular to establish a comprehensive fee framework for entities seeking to operate as KYC Registration Agencies (KRAs) within the IFSC. The framework prescribes 3 (three) categories of fees: (i) a non-refundable application fee payable at the time of submitting the application, (ii) a registration fee payable within 15 (fifteen) days upon receiving provisional or in-principle approval from the Authority, and (iii) an annual fee applicable post-registration. For the financial year in which registration is granted, the annual fee shall be calculated on a pro rata basis, treating any partial month as a full month, and must be paid within 15 (fifteen) days of registration. For all subsequent financial years, the full annual fee is due by April 30 of the respective year.
6. CCI Approves Acquisition of Minority Stake in Haldiram Snacks Food by Jongsong Investments6
On May 20, 2025, CCI approved the acquisition of a stake of less than 10% (ten percent) in Haldiram Snacks Food Private Limited (“Haldiram”) by Jongsong Investments Pte. Ltd. (“Jongsong”). Jongsong is an investment holding company and indirect wholly owned subsidiary of Singapore-based Temasek Holdings (Private) Limited and does not engage in direct business operations but holds investments across a diversified global portfolio, including sectors such as transportation & industrials, financial services, and telecommunications, media & technology. Haldiram was incorporated on December 12, 2022, and currently has no active business operations but, along with its affiliates, but is expected to operate in the Indian packaged food sector, offering a range of products including snacks, sweets, ready-to-eat items, and bakery goods.
7. RBI Relaxes Norms for FPI Investments in Corporate Debt under General Route7
On May 08, 2025, RBI issued a circular easing key restrictions on Foreign Portfolio Investors (“FPIs”) investing in corporate debt securities under the general route. These changes, aimed at improving investment ease and broadening capital market access, take immediate effect and are reflected in the updated Master Direction on Non-Resident Investment in Debt Instruments, 2025, dated January 07, 2025. This circular introduces 2 (two) major relaxations: (a) the withdrawal of the short-term investment limit that previously applied to FPI investments in corporate debt; and (b) the removal of the concentration limit, which restricted the maximum permissible investment by FPIs in the securities of a single corporate issuer. These measures are expected to enhance FPI participation in India’s debt markets and improve market liquidity.
8. IFSCA and NISM Sign MoU to Enhance Capacity Building in GIFT IFSC8
On May 02, 2025, IFSCA and the National Institute of Securities Markets (“NISM”) signed a Memorandum of Understanding (MoU) to strengthen capacity building and training initiatives within the securities markets at IFSC. SEBI outlines a strategic collaboration wherein NISM will support IFSCA in various developmental initiatives, including conducting certification examinations for entities operating in IFSC, developing customized content, question banks, and e-learning modules aligned with IFSCA’s regulatory framework, and enhancing the professional capabilities of market participants and IFSCA officials. This partnership represents a significant step toward building a robust and globally competitive securities market ecosystem within the IFSC, in line with IFSCA’s vision of establishing it as a premier international financial hub.
- https://sarthaklaw.com/sebi-update-sebi-issues-master-circular-on-listing-obligations-and-disclosure-requirements-for-non-convertible-securities-securitized-debt-instruments-and-commercial-paper/ ↩︎
- https://sarthaklaw.com/gift-city-update-amendment-to-the-directions-to-ibus-for-operations-of-the-foreign-currency-accounts-of-indian-resident-individuals-opened-under-the-liberalised-remittance-scheme/ ↩︎
- https://sarthaklaw.com/rbi-update-rbi-issues-directions-on-pre-payment-charges-on-loans/ ↩︎
- https://sarthaklaw.com/cci-update-acquisition-of-sml-isuzu-limited-by-mahindra-and-mahindra/ ↩︎
- https://sarthaklaw.com/gift-city-update-fee-structure-for-kyc-registration-agencies/ ↩︎
- https://sarthaklaw.com/cci-update-cci-approves-acquisition-of-stake-in-haldiram-snacks-food-private-limited-by-jongsong-investments/ ↩︎
- https://sarthaklaw.com/rbi-update-rbi-relaxes-norms-for-fpi-investments-in-corporate-debt-under-general-route/ ↩︎
- https://sarthaklaw.com/gift-city-update-ifsca-and-nism-sign-mou-to-strengthen-capacity-building-in-gift-ifsc/ ↩︎