The Competition Commission of India (CCI) has approved the acquisition of the control/stake in Reliance Capital by IndusInd International Holdings.
In a statement released yesterday, CCI said, “The proposed combination relates to the acquisition of control by acquiring shares in Reliance Capital Limited (RCL/Target) by IndusInd International Holdings Limited (IIHL), IIHL BFSI (India) Limited (IIHL BFSI), and Aasia Enterprises LLP (Aasia). IIHL, IIHL BFSI, and Aasia shall be hereinafter jointly referred to as the Acquirer. Target is undergoing insolvency resolution proceedings initiated under the Insolvency and Bankruptcy Code (IBC).”
Further, according to the statement, a detailed order of the Commission will follow.
It also notified that IIHL is a Global Business License (Category 1) licensee company incorporated in the Republic of Mauritius, and is regulated by Mauritius’s Financial Services Commission.
