On 15 April, 2025, the Competition Commission of India (CCI) has approved the following proposals:
i.Approved the acquisition of shares in SNV Aviation Private Limited (Akasa Air) by PI Opportunities Fund-I Scheme-II (PIOF), its executives, Claypond Capital Partners, and 360 ONE Private Equity Fund through their respective affiliates and schemes.
ii.Approved the proposed merger of Quality Care India Limited (QCIL) with Aster DM Healthcare Limited, along with related transactions involving BCP Asia, Centella, and Aster.
iii.Approved the proposed combination involving Waverly Pte. Ltd., TPG Growth V SF Markets, TPG Growth III SF, Asia Healthcare Holdings, Rhea Healthcare, Asia Healthcare Advisory Holdings (AHH) LLP, and the Asian Institute of Nephrology and Urology (AINU).
iv.Approved the proposed combination involving Alat Technologies Company (ATC) and the TKE Group, including ATC’s acquisition of a stake in TKE and the formation of a joint venture between the two entities.
CCI Approves Share Acquisition in Akasa Air by PIOF, Claypond, and 360 ONE Fund
The CCI has approved the acquisition of shares in Mumbai (Maharashtra)-based SNV Aviation Private Limited (Akasa Air) by Bengaluru (Karnataka) -based PI Opportunities Fund-I Scheme-II (PIOF), certain executives of PIOF, Claypond Capital Partners Private Limited (Claypond) also based in Bengaluru, and 360 ONE Private Equity Fund (360 Fund) based in Mumbai, through their various affiliates and schemes.
- The investment process is being handled by 360 ONE Alternates Asset Management Limited.
About the Companies Involved:
i.SNV Aviation Private Limited, provides scheduled domestic and international air passenger transport services, air cargo transport, and related services like in-flight sales.
ii.PIOF is a trust established under Indian law and registered as an Alternative Investment Fund (AIF) with the Securities and Exchange Board of India (SEBI) and forms part of Premji Invest, the investment arm supported by Azim Premji.
iii.Claypond is affiliated with the Pai Family Group (associated with the Manipal Education and Medical Group, MEMG) which has made financial investments across different sectors.
iv.360 Fund is a Category II AIF registered with SEBI, and specializes in investments in various sectors in India and internationally.
CCI has cleared a major deal involving Aster DM Healthcare, BCP Asia, Centella, and QCIL:
The CCI has approved the proposed merger of Hyderabad (Telangana)-based Quality Care India Limited (QCIL) with Aster DM Healthcare Limited(Aster), headquarters in Dubai, the United Arab Emirates (UAE), and is registered in Bengaluru, India, along with related transactions involving Singapore-based Business Continuity Planning Asia Pte Limited (BCP) Asia, Centella Mauritius Holdings Limited (Centella) and Aster.
Key Details:
i.As part of this approved deal, QCIL will be merged into Aster through a scheme of amalgamation. Once the merger is completed, the combined entity will be renamed as Aster DM Quality Care Limited.
ii Before the merger takes place, Aster will acquire a 5% stake in QCIL from BCP Asia and Centella. This stake purchase will be done through the issuance of new shares by Aster.
iii.After the merger, QCIL’s current shareholders – Centella, BCP Asia, and some minority investors, will hold a stake in the merged company.
- However, Centella’s holding will be below 10%, and it will not have any control rights in the new entity.
About the Companies Involved:
i.Aster is a major healthcare provider and part of the larger Aster Group, operating 19 hospitals in India.
ii.QCIL is an unlisted public company jointly owned by Centella and BCP. It operates a wide network of multi-specialty hospitals across India under brands like CARE Hospitals, KIMS Health, and Evercare.
iii.BCP Asia is backed by investment funds managed by affiliates of global investment firm the United States of America(USA) based Blackstone Inc.
iv.Centella, meanwhile, is controlled by a firm advised by affiliates of the USA based TPG Inc., a well-known international private equity group.
CCI Approves Proposed Combination Involving Waverly, TPG Entities, AHH, Rhea Healthcare, and AINU
The CCI has approved the proposed combination involving Singapore based companies Waverly Pte. Ltd (Waverly), TPG Growth V SF Markets Pte. Ltd (Growth V), TPG Growth III SF Pte. Ltd (Growth III), Asia Healthcare Holdings Pte. Ltd (AHH Singapore); Bengaluru(Karnataka) based Rhea Healthcare Private Limited (Rhea); Bengaluru based Asia Healthcare Advisory Holdings LLP (“AHH LLP”), and Hyderabad(Telangana) based Asian institute of Nephrology and Urology Private Limited (AINU).
Key Details:
i.Waverly will subscribe to Ordinary Shares and Class F Redeemable Preference Shares of AHH Singapore.
ii.Growth V, a fund managed by the TPG Group, will receive specific rights in AHH Singapore, Rhea, and their subsidiaries.
iii.Growth III, another TPG-managed fund, will be granted rights in AHH Singapore, but only related to matters concerning AINU and its associated entities.
iv.Rhea Healthcare will acquire 100% shareholding of AINU from AHH Singapore , this is a key part of the combination, known as the “AINU Transfer”.
- As consideration for this transfer, Rhea will issue equity shares to AHH Singapore.
CCI Approves Proposed Combination Between Alat Technologies and TKE Group:
CCI has approved a proposed combination involving Alat Technologies Company (ATC) located in Riyadh, Saudi Arabia and the Germany-based TKE Group. This combination includes two key parts:
i.Share Acquisition: Alat Technologies will indirectly acquire around 15% shareholding in Vertical Topco S.à r.l., which is the parent company of the TKE Group. This step is called the Proposed Topco Investment.
ii.Joint Venture Formation: ATC and the TKE Group will also form a new joint venture (JV) in Saudi Arabia, referred to as the Proposed KSA JV Transaction.
About the Competition Commission of India (CCI):
Chairperson– Ravneet Kaur
Headquarters– New Delhi, Delhi
Established– 2003
