 "Indusind Bank")
IIHL is a global business license (Category 1) licensee company incorporated in the Republic of Mauritius.
Fair trade regulator CCI on Tuesday approved the acquisition of majority stake in each of Invesco Asset Management and Invesco Trustee by IndusInd International Holdings Ltd.
“The proposed combination pertains to the acquisition of 60 per cent shareholding in each of Invesco Asset Management (India) Pvt Ltd (Invesco AMC) and Invesco Trustee Pvt Ltd (Invesco Trustee) by IndusInd International Holdings Ltd (IIHL).
“IIHL will be holding the investment through its wholly-owned and controlled subsidiary, IIHL AMC Holdings Ltd (IIHL AMC), which has been incorporated specifically for the purposes of proposed combination,” the regulator said in a release.
IIHL is a global business license (Category 1) licensee company incorporated in the Republic of Mauritius. It is a investment holding whereby IIHL holds shares in different companies spread across sectors.
The Competition Commission of India (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 per cent stake in Invesco Asset Management India (IAMI).
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 per cent stake in the newly formed joint venture with IIHL, and both IIHL and Invesco will have sponsor status.
In another release, 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.
Further, the regulator granted its clearance to Apollo Healthco to acquire stake in Keimed and merger of Keimed into Apollo Healthco.
“Rasmeli proposes to make a minority investment in AHL over two tranches along with certain rights in AHL. AHL proposes to acquire certain shares in Keimed through primary and secondary transactions in a phased manner.
“Within a specified period from the Rasmeli Investment, Keimed and AHL would take necessary steps towards the merger of Keimed into AHL.
“Prior to the Rasmeli Investment, AHEL proposes to subscribe to certain equity shares of AHL pursuant to a preferential allotment and a bonus issuance of fresh equity shares by AHL,” CCI said.
Apollo Hospitals Enterprise Ltd (AHEL) is engaged in the business of providing healthcare services, including operating and managing hospitals, branding and operations management support services for healthcare providers, and providing retail healthcare services.
Apollo Healthco Ltd (AHL/Apollo Healthco) operates the “Apollo 24/7” platform. It also operates in the pharmacy distribution segment.
Keimed is involved in the business of wholesale distribution of pharmaceutical products, OTC products, medical equipment and surgical products for hospitals and FMCG.
Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Aug 20 2024 | 10:57 PM IST
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