The Competition Commission of India (CCI) approved the following proposals on 20 August 2024.
Acquisition of Shareholding in Invesco AMC & Invesco Trustee by IndusInd International Holdings Ltd
The CCI approved the acquisition of 60% shareholding in each of Invesco Asset Management (India) Private Limited (Invesco AMC) and Invesco Trustee Private Limited (Invesco Trustee) by IndusInd International Holdings Limited (IIHL).
- The acquisition will be executed through IIHL’s wholly-owned subsidiary, IIHL AMC Holdings Limited (IIHL AMC), established specifically for the Proposed Combination.
Key Points:
i.IIHL is a Global Business License (GBL) (Category 1) licensee company established in Mauritius, primarily engaged in investment holding across various sectors.
ii.Invesco Trustee and Invesco AMC are the trustee company and asset management company respectively of Invesco Mutual Fund.
- They are approved by the Securities Exchange Board of India (SEBI) under the SEBI (Mutual Funds) Regulations, 1996.
iii.Invesco AMC is also registered as a portfolio manager under the SEBI (Portfolio Managers) Regulations, 2020.
Acquisition of Shareholding in Shriram Housing Finance Ltd by Mango Crest Investment Ltd.
The CCI approved the acquisition of a shareholding in Shriram Housing Finance Limited (Target) by Mango Crest Investment Ltd (Acquirer).
- The Acquirer is a company incorporated in Mauritius, that specialises in investment holding activities.
- The Target is a housing finance company registered with the National Housing Bank (NHB).
Advent’s Acquisition in Apollo Healthco & Merger of Keimed
The CCI approved the proposed combination involving the acquisition by Advent International, L.P. (Advent) through Rasmeli Limited (Rasmeli) in Apollo Healthco Limited (AHL/ Apollo Healthco), the acquisition by AHL/Apollo Healthco in Keimed Private Limited (Keimed), and the merger of Keimed into AHL/Apollo Healthco.
Proposed Combination:
i.Rasmeli, managed by Advent, will make a minority investment in AHL in 2 tranches, along with certain rights in AHL.
ii.AHL proposes to acquire certain shares in Keimed through phased primary and secondary transactions.
iii.Within a specified period from the Rasmeli Investment, Keimed and AHL would take necessary steps towards the merger of Keimed into AHL.
iv.Before the Rasmeli Investment, Apollo Hospitals Enterprise Limited (AHEL) proposes to subscribe to certain equity shares of AHL under a preferential allotment and a bonus issuance of fresh equity shares by AHL.
Key Points:
i.Rasmeli is a Cyprus-based investment holding entity (no activities or presence in India), managed by Advent, focusing on investments in sectors like healthcare, technology, and more.
ii.AHEL is engaged in tertiary and secondary healthcare services, hospital project consultancy, and retail healthcare services in India.
iii.AHL operates the “Apollo 24|7” platform for booking healthcare services and also engages in the wholesale distribution of pharmaceuticals, Fast-Moving Consumer Goods (FMCG), etc.
iv.Keimed is also involved in the wholesale distribution of pharmaceuticals and FMCG products, and the marketing and sale of pharmaceutical products.
About the Competition Commission of India (CCI):
CCI is a statutory body established in 2003 under the Competition Act of 2002 and has been operational since 2009.
Chairperson– Ravneet Kaur
Headquarters– New Delhi, Delhi
