IBM Corp. gets competition commission nod for internal restructuring

NEW DELHI : Competition Commission of India (CCI) has granted deemed approval to IBM Corp. for an internal restructure that covers its India business, under a fast-track clearance provision.

An official statement from the competition watchdog said the transaction notified by two new companies set up as part of IBM’s internal reorganization—Kyndryl Holdings LLC and Grand Ocean Managed Infrastructure Services Pvt. Ltd—has been approved.

IBM’s international corporate reorganization seeks to spin off its global managed infrastructure services (MIS) into a separate business. CCI said the target structure will be achieved by a separation of its MIS Business into the newly incorporated companies Kyndryl Holdings and Grand Ocean Managed Infrastructure Services, the acquirers.