The Competition Commission of India (CCI) has approved the following on 6th February 2024.
i.Acquisition of certain shareholding of Shadowfax Technologies Private Limited(SFX) by NewQuest Asia Fund IV (Singapore) Pte. Ltd.(TPG NQ).
ii.Acquisition of 70% stake in Kotak Mahindra General Insurance Company Limited by Zurich Insurance Company Ltd
iii.Acquisition of 100% shareholding of Interise Investment Managers Limited by the CIPH, AIL – II. and Ontario Inc.
Acquisition of certain shareholding of SFX by TPG NQ
CCI approves the acquisition of a certain shareholding in Shadowfax Technologies Private Limited (SFX/ Target) by NewQuest Asia Fund IV (Singapore) Pte. Ltd (TPG NQ/ Acquirer) from Eight Roads Investments Mauritius II Limited (Eight Roads), and certain other SFX shareholders.
- TPG NQ is part of a closed private equity, managed by TPG NewQuest (formerly NewQuest Capital Partners), and is a part of the TPG group.
- TPG, Inc. (TPG) serves as the ultimate holding company of the TPG group.
Zurich Insurance Company Ltd’s Acquisition of a 70% stake in Kotak Mahindra General Insurance Company Ltd.
CCI approves the acquisition of a majority stake (70% stake) in Kotak Mahindra General Insurance Company Limited (Target) by Zurich (Switzerland)-based Zurich Insurance Company Ltd (Acquirer) from Kotak Mahindra Bank Limited.
- Under the Proposed Combination, the Acquirer will acquire a 51% stake in Target.
- The acquisition involves a combination of fresh growth capital and share purchase.
- Additionally, the Acquirer will also acquire an additional stake of up to 19% in the Target, over some time.
Note: Zurich Insurance Company Ltd is a wholly owned subsidiary of Zurich Insurance Group Ltd. (Zurich Insurance Group).
Acquisition of 100% shareholding of Interise Investment Managers Limited by the CIPH, AIL – II., and Ontario Inc.
CCI approves the acquisition of 100% shareholding (issued and paid-up share capital) of Interise Investment Managers Limited by CPPIB India Private Holdings Inc. (CIPH), Allianz Infrastructure Luxembourg II S.À R.L. (AIL – II), and Ontario Inc.
- Acquirers: CIPH, AIL – II, and Ontario Inc.
- Target– Interise Investment Managers Limited
Following the acquisition, CIPH, AIL II and Ontario Inc. will respectively hold 50%, 25% and 25% stakes of the target.
Points to note:
i.CIPH is a Canadian corporation and a wholly owned subsidiary of the Canada Pension Plan Investment Board (CPPIB).
ii.AIL – II is an alternative investment fund based in Luxembourg.
iii.Ontario Inc. is an investment entity of the Ontario Administration Corporation, which in turn is the administrator of the Ontario Municipal Employees Retirement System (OMERS) primary pension plan and trustee of the pension funds thereunder.
About Competition Commission of India (CCI):
Chairperson – Ravneet Kaur
Headquarters– New Delhi, Delhi
Established on– 14 October 2003 (Operational from 2009)
