CCI Approves Shell Group’s Acquisition of Raj Petro Specialities

The Competition Commission of India (CCI), through its order dated March 4, 2025, approved the proposed acquisition of 100% equity share capital of Raj Petro Specialities Private Limited by Shell Deutschland GmbH and Shell Overseas Investments B.V. (together, the “Acquirers”).

The CCI observed horizontal overlaps between the parties in the manufacture and sale of lubricants—including industrial, commercial, and consumer segments—as well as coolants. However, with combined market shares predominantly within the 0–10% range and incremental increases of 0–5%, the overlaps were not considered to raise competition concerns.

Regarding vertical overlap, the CCI noted a linkage between the Acquirer group’s base-oil production and the Target’s lubricant manufacturing operations. Nevertheless, due to the minimal market share involved and the existence of significant competitors, the CCI concluded that the transaction is unlikely to cause any appreciable adverse effect on competition and accordingly approved the combination.