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Jan 17, 2020

CCI Approves Acquisition of Shares of Aditya Birla Capital Limited by Jomei Investments Limited

On October 24, 2019, CCI approved the subscription of 4.15% of the total issued and paid-up equity share capital of Aditya Birla Capital Limited (‘ABCL’) by Jomei Investments Limited (‘JIL’).[1] JIL is wholly-owned by Advent International GPE IX Limited Partnership (‘Advent GPE’), whose investment manager is Advent International Corporation (‘Advent International’).

CCI observed that the business activities of the Advent group (through ASK Investment Managers Limited, an investee company of the Advent group) and ABCL overlap horizontally in respect of portfolio management services (‘PMS’), wealth advisory / management related services and real estate investment services. The Parties also overlapped vertically as (i) ABCL offers mutual fund products and the ASK group distributes such products as a part of its wealth advisory business; and (ii) ABCL is engaged in PMS and the ASK group distributes such services. On account of low incremental market share and presence of other competitors, CCI approved the transaction.

[1] Combination Registration No. C-2019/09/686.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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