IIHL is a Global Business License (Category 1) company incorporated in the Republic of Mauritius.
Fair trade regulator CCI on Tuesday approved the acquisition of a majority stake in Invesco Asset Management and Invesco Trustee by IndusInd International Holdings Ltd.
“The proposed combination relates to the acquisition of 60 per cent of the shares of Invesco Asset Management (India) Pvt Ltd (Invesco AMC) and Invesco Trustee Pvt Ltd (Invesco Trustee) by IndusInd International Holdings Ltd (IIHL).
“IIHL will hold the investment through its wholly owned and controlled subsidiary, IIHL AMC Holdings Ltd (IIHL AMC), which has been specifically established for the purposes of the proposed combination,” the regulator said in a statement.
IIHL is a global trading licence (Category 1) company incorporated in the Republic of Mauritius. It is an investment holding company in which IIHL holds shares in different companies spread across different sectors.
The Competition Commission of India (CCI) said it had approved 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 had signed 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 global investment management firm Invesco, which has over $1.6 trillion in assets under management.
In addition, Invesco will retain a 40 percent stake in the newly formed joint venture with IIHL, and both IIHL and Invesco will have sponsor status.
In a separate statement, CCI approved the deal involving Advent’s acquisition (through Rasmeli) of Apollo Healthco.
Rasmeli Ltd (Rasmeli) is indirectly owned by certain entities that are ultimately managed by Advent International, LP.
In addition, the regulator granted permission to Apollo Healthco to acquire stake in Keimed and the merger of Keimed with Apollo Healthco.
“Rasmeli proposes to make a minority investment in AHL in two tranches together with certain rights in AHL. AHL proposes to acquire certain shares of Keimed through primary and secondary transactions on a phased basis.
“Within a specified period of time following Rasmeli’s investment, Keimed and AHL will take the necessary steps for the merger of Keimed with AHL.
“Prior to the investment in Rasmeli, AHEL proposes to subscribe for certain equity shares of AHL pursuant to a preferential allotment and an additional issue of new equity shares by AHL,” CCI said.
Apollo Hospitals Enterprise Ltd (AHEL) is engaged in providing healthcare services including hospital operation and management, operations management support services and brand development to healthcare providers and provision of 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 engaged in the wholesale distribution business of pharmaceutical products, OTC products, medical equipment and surgical products for hospitals and FMCG.
Transactions above a certain threshold require approval from the regulator, which monitors unfair trading practices and promotes fair competition in the market.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: August 20, 2024 | 10:57 PM IS
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