The Competition Commission of India approved IndusInd International Holdings Ltd.'s majority stake acquisition in both Invesco Asset Management and Invesco Trustee by IndusInd International Holdings Ltd.
The approval covers IndusInd International Holdings Ltd.'s acquisition of a 60% shareholding in each of Invesco Asset Management (India) Pvt. (Invesco AMC) and Invesco Trustee Pvt Ltd (Invesco Trustee).
IndusInd will hold these investments through its wholly owned subsidiary, IIHL AMC Holdings Ltd., which was established specifically for this transaction, according to a CCI release.
IIHL is a global business license (Category 1) licencee company incorporated in the Republic of Mauritius. It is an investment holding whereby IIHL holds shares in different companies spread across sectors. The CCI said it has cleared the deal.
Invesco Trustee and Invesco AMC are the trustee company and asset management company respectively, of Invesco Mutual Fund, while Invesco AMC is a Sebi-registered portfolio manager.
In April this year, IIHL and Invesco announced that they have entered into a definitive agreement to form a joint venture, as part of which IIHL will acquire a 60% stake in Invesco Asset Management India.
IAMI is the Indian arm of the global investment management firm Invesco having over $1.6 trillion in assets under management.
Further, Invesco will retain a 40% stake in the newly formed joint venture with IIHL, and both IIHL and Invesco will have sponsor status.
In another release, the CCI approves deal involving the acquisition by Advent (through Rasmeli) in Apollo Healthco.
Rasmeli Ltd. (Rasmeli) is indirectly held by certain entities that are ultimately managed by Advent International, LP.
(With inputs from PTI)
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