Competition Commission of India (CCI) approved NBC Universal Media’s purchase of a stake in BTS Investment 1 Pte and Bodhi Tree Systems VCC on Wednesday.

BTS Investment 1 Pte Ltd (BTS Investment) is an investment venture firm of Asia Initiatives Pte Ltd, which is partly owned by James Murdoch’s Lupa Systems and Uday Shankar, the ex-chairman of Star and Disney India, while Bodhi Tree Systems VCC (BTS VCC) is an associate of Asia Initiatives.

The proposed merger involves the acquisition of certain BTS Investment and BTS VCC shareholdings by NBC Universal Media LLC (NBC Universal).

Furthermore, according to CCI, a portion of the investment proceeds will be used by BTS Investment to make additional investments in Viacom18 Media Private Limited (Viacom18), PTI reported.

Murdoch and Shankar announced the launch of Bodhi Tree Systems (BTS) last February.

Following that, BTS announced in April that it is raising funds with a group of investors to invest Rs 13,500 crore in Viacom 18, as part of a tripartite agreement with billionaire Mukesh Ambani’s Reliance to build one of India’s leading TV and digital streaming enterprises.

The deal has been approved by India’s Competition Commission (CCI).

NBC Universal is a worldwide media and entertainment company that is completely owned by Comcast Corporation.

Viacom 18 provides media and entertainment services through its channel portfolio and the ‘Voot’ streaming app.

In another CCI announcement, the regulator authorized Jamnalal Sons Pvt Ltd (JSPL)’s acquisition of a 5.51 percent share in Mukand Sumi Special Steel Ltd (MSSSL) from Mukand Ltd.

Mukand is a subsidiary of the Bajaj Group, whereas JSPL is an investment and loan firm that owns stock in several Bajaj Group companies.

MSSSL is in the business of producing, selling, and distributing hot-rolled special and alloy steel bars.

Deals exceeding a particular level must be approved by CCI, which monitors unfair commercial practices.