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The Competition Commission of India has approved two separate transactions involving manufacturing and digital assets. The regulator has cleared ITC Limited's acquisition of Aditya Birla Real Estate's paper and pulp manufacturing business for INR 3,498 crore, allowing ITC to expand its paperboards and specialty paper operations. In a separate order, the CCI has also approved US-based Coinbase Global Inc's acquisition of a minority stake in DCX Global Ltd., the parent entity of crypto exchange CoinDCX. Both deals were found to raise no competition concerns.
The Competition Commission of India has granted approval for two corporate transactions involving ITC Limited and Coinbase Global Inc., clearing the way for both companies to proceed with their respective plans. The regulator stated that neither transaction is likely to cause an appreciable adverse effect on competition in the relevant markets. Advertisement
ITC has received clearance to acquire the paper and pulp manufacturing business of Aditya Birla Real Estate for INR 3,498 crore. The business includes a fully integrated paper manufacturing facility located in Lalkuan, Uttarakhand. Aditya Birla Real Estate had earlier announced the divestment as part of its strategy to focus on its core real estate operations and reduce exposure to non-core assets. The transaction will be executed under a business transfer agreement between the two companies.
For ITC, the acquisition strengthens its paperboards and specialty papers segment, which already serves packaging, publishing, and industrial users in India and overseas markets. The company has been expanding capacity and product offerings in this segment over the past few years to meet growing demand from consumer goods, pharmaceuticals, and e-commerce packaging. With the CCI clearance in place, ITC can now move ahead with integrating the acquired operations into its existing manufacturing network.
In a separate approval, the competition regulator has cleared Coinbase Global Inc's proposal to acquire a minority stake in DCX Global Ltd. DCX Global owns the technology platform and brand associated with CoinDCX, one of India's larger cryptocurrency exchanges. The approval covers Coinbase's indirect investment in the Indian entity through its global operations.
Coinbase had previously invested in CoinDCX through its venture arm and has been exploring deeper participation in the Indian digital asset ecosystem. The CCI noted that the transaction does not raise competition issues, given the fragmented nature of the crypto trading market and the limited overlap between the businesses involved.
These approvals come at a time when regulatory scrutiny of mergers and investments remains high, particularly in sectors undergoing structural change. By clearing both transactions, the CCI has allowed companies in traditional manufacturing and emerging digital segments to pursue strategic growth within the existing competition framework.
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