Combination Registration No. C-2026/05/1426, TVS Emerald Limited (‘TVS Emerald’), TVS Venu Management and Consultancy Services Private Limited (‘TVS VMC’), PGIM India Asset Management Private Limited (‘PGIM AMC’), and PGIM India Trustees Private Limited (‘PGIM Trustees’)

Proposed Transaction

TVS Emerald and TVS VMC are both ultimately controlled by Mr. Sudarshan Venu, and the acquirer group is engaged in real estate development and trading. TVS VMC was incorporated in January 2026 and does not yet carry on business. PGIM AMC acts as asset management company to PGIM India Mutual Fund, as portfolio manager, as investment manager to a category III AIF and as investment adviser to foreign portfolio investors, while PGIM Trustees acts as trustee of the mutual fund.

TVS Emerald and TVS VMC acquired 100% of PGIM AMC and PGIM Trustees from Prudential Financial, Inc. The notice followed a share purchase agreement dated April 2, 2026, executed with Prudential Financial, Inc. and was filed on May 20, 2026. The review involved a single request for information issued on June 4, 2026, and answered a week later, and the CCI cleared the transaction on June 16, 2026, twenty-seven days after the notice was filed.

CCI Findings

Horizontal Overlaps: The Order records none. The acquirer group’s real estate development and trading activities do not meet the targets’ mutual fund, portfolio management, AIF, and investment advisory businesses.