On June 24 2025, the Competition Commission of India (CCI) has approved the following proposals:
i.Approved the proposal of Manipal Group to acquire a stake in Aakash Educational Services Limited from its founder JC Chaudhary.
ii.Approved the proposal of Bain Capital Investors, LLC (Bain Capital) to acquire stakes in Manappuram Finance Limited (MFL), and Manappuram Asset Finance Limited (MAFL).
iii.Approved the acquisition of certain issued and paid-up equity share capital of Haldiram Snacks Food Private Limited (HSFPL) by Alpha Wave Ventures II LP and Alpha Wave IHC CI, LP.
CCI Approved Manipal Group’s Stake in Aakash Educational Services:
The CCI has approved the proposal of Ranjan Pai-led Manipal Group to acquire stake in New Delhi (Delhi) based Aakash Educational Services Limited (AESL) from its founder JC Chaudhary.
- As per the proposed arrangement, Bengaluru (Karnataka) based Manipal Group will acquire stakes in AESL through its affiliates: Manipal Health Systems Private Limited (MHSPL) (Acquirer-1) and Manipal Education and Medical Group India Private Limited (MEMG) (Acquirer-2).
- Ranjan Pai, Chairman of Manipal Group, is one of the largest stakeholders in AESL, with 40% stake.
Key Points:
i.MHSPL is a company registered in India, which is primarily engaged in the business of running/ managing hospitals and offering healthcare services.
ii.MEMG is a company registered in India, which is engaged in the provision of management consultancy services in India.
iii.Aakash Educational Services Limited is a public unlisted company incorporated in India under the Companies Act, 1956.
- The company offers comprehensive test preparatory services for students preparing for medical and engineering entrance examinations: National Eligibility cum Entrance Test (NEET) and Joint Entrance Examination (JEE), respectively and other competitive exams.
CCI Approved Bain Capital’s Proposal to Acquire Stake in Manappurram Finance
The CCI approved the proposal of Boston, Massachusetts (the United States of America) based Bain Capital Investors, LLC (Bain Capital), a private equity investment firm, to acquire stakes in Kerala based Non-Banking Financial Company (NBFC), Manappuram Finance Limited (MFL), and Thrissur (Kerala) based Manappuram Asset Finance Limited (MAFL), a NBFC which is engaged primarily in providing gold loans. As per the proposed arrangement, Bain Capital through its two affiliates:
- BC Asia Investments XXV Limited (Acquirer-1) and BC Asia Investments XIV Limited (Acquirer-2) will buy stakes via private placement, warrants, and an open offer, reaching an 18% shareholding in MFL.
- This deal is valued at Rs 4,385 crore, which is further subjected to Mumbai (Maharashtra) based Securities and Exchange Board of India (SEBI)’s Substantial Acquisition of Shares and Takeovers (SAST) Rules.
Key Points:
i.The proposed transaction will be completed in 4 phases, where BC Asia Investments XXV will subscribe to 9.29 crore fully paid-up equity shares of MFL through private placement and preferential allotment.
ii.Also, subscription to 9.29 crore warrants of MFL by BC Asia Investments XIV, which can be exercised (in one or more tranches) at any point between 4 to 18 months from their date of allotment, each carrying a right to subscribe to 1 equity share of MFL.
iii.The acquisition involves a mandatory open offer launched by Acquirer-1 and its persons acting in concert, in accordance with the Securities and Exchange Board of India, SEBI (Substantial Acquisition of Shares and Takeovers, SAST) Regulations, 2011 (as amended).
- Under this offer, Acquirer-1 aims to purchase up to 24.42 crore fully paid-up equity shares, representing 26% of Manappuram Finance Ltd’s expanded voting share capital, from its public shareholders.
iv.Additionally, the CCI has cleared the proposed acquisition of Manappuram Asset Finance Ltd (MAFL) by its parent company, Manappuram Finance Ltd.
CCI Approved Acquisition of Haldiram by Alpha Waves:
The CCI approved the acquisition of certain issued and paid-up equity share capital of Noida (UP) based Haldiram Snacks Food Private Limited (HSFPL) by Miami, Florida (the USA) based Alpha Wave Ventures II LP and Alpha Wave IHC CI, LP.
- The proposed transaction involves the acquisition of less than 10% of the issued and paid-up equity share capital of the HSFPL by the Alpha Wave Ventures II LP and Alpha Wave IHC CI, LP.
i.HSFPL was incorporated in India on December 12, 2022. The company including its affiliates will be engaged in the manufacture and sale of packaged food products in India like: snacks, sweets, ready-to-eat products, dairy products etc.
ii.Alpha Wave is an international investment company that primarily focuses on 3 main verticals, private equity, private credit, and public markets; while the United Arab Emirates (UAE) based IHC is one of the world’s largest investment companies.
Recent Related News:
In May 2025, CCI approved Bajaj Group’s proposal to acquire 26% stake each in Pune (Maharashtra)-based Bajaj Allianz General Insurance Company Limited (BAGIC) and Pune (Maharashtra)-based Bajaj Allianz Life Insurance Company Limited (BALIC) from its partner Allianz SE (Allianz), worth Rs 24,180 crore. This marks the largest deal in India’s insurance sector.
