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left arrow Oct 15, 2026

CCI Unconditionally Approves Alpha Wave’s acquisition of a 16.62% Stake in Nxtra

Combination Registration No. C-2026/04/1409, Alpha Wave Ventures II, LP (‘Alpha Wave’) and Nxtra Data Limited (‘Nxtra’)

Proposed Transaction

Alpha Wave is managed by Alpha Wave Ventures GP, a joint venture between Alpha Wave Global, LP and Lunate Holding RSC Ltd. Alpha Wave Global is indirectly solely controlled by Richard Gerson, Navroz Udwadia, and Ryan Khoury, while Lunate Holding sits under Chimera Investment LLC, wholly owned by 2PointZero Group PJSC, in which International Holding Company PJSC holds approximately 60.57%. Nxtra is a Bharti group company providing Data Centre Colocation Services (‘DCCS’) across Mumbai, Pune, Kolkata, Bhubaneswar, Bangalore, Chennai, Delhi-NCR, Hyderabad, and Visakhapatnam, its ancillary services being cross-connect, physical security, data cabling, and remote hand services.

Alpha Wave subscribed to approximately 16.62% of the equity share capital of Nxtra. The notice was filed on April 2, 2026, and followed a subscription agreement and a shareholders’ agreement, each dated March 30, 2026, the latter also executed with CA Cloud Investments, CA Toma Investments, Bharti Airtel Limited, and Airtel Limited. Approval came on June 23, 2026, after two rounds of information requests and voluntary submissions. The Order records that other fund-raising transactions by Nxtra were not interconnected with this one and were therefore not considered.

CCI Findings

Vertical Overlaps: The vertical overlap came from ESR Group Limited (‘ESR’), an affiliate of Alpha Wave, which develops commercial real estate in India. ESR’s existing and active projects are industrial and logistics parks, but it has begun developing commercial real estate and supporting infrastructure in Mumbai for lease to a third-party data centre operator, with completion expected in 2027 and the asset leased to Sify Technologies. Nxtra’s downstream share was [5-10]% pan-India and [0-5]% in Mumbai by volume, and ESR’s upstream share was nil because it has no projects serving operational data centres. The CCI went on to test ESR’s position on the basis of operational and planned data centre real estate and found it insufficient to raise concerns.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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