IndusInd International Secures CCI Approval for Major Stake in Invesco Units

The Competition Commission of India (CCI) has approved IndusInd International Holdings Ltd. (IIHL) acquiring a majority stake in Invesco Asset Management and Invesco Trustee. IIHL will acquire 60% of Invesco Asset Management India Pvt Ltd (Invesco AMC) and Invesco Trustee Pvt Ltd (Invesco Trustee). This investment will be managed through IIHL's subsidiary, IIHL AMC Holdings Ltd, created for this purpose.

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IIHL is a global business license Category 1 licensee company based in Mauritius. It holds shares in various companies across different sectors. The CCI confirmed the deal's clearance in a recent release. Invesco Trustee and Invesco AMC manage the Invesco Mutual Fund, with Invesco AMC also being a Sebi-registered portfolio manager.

IIHL and Invesco Joint Venture

In April, IIHL and Invesco announced a definitive agreement to form a joint venture. As part of this agreement, IIHL will acquire a 60% stake in Invesco Asset Management India (IAMI), the Indian arm of the global investment firm Invesco, which manages over USD 1.6 trillion in assets. Invesco will retain a 40% stake in the new joint venture, with both companies holding sponsor status.

Additionally, CCI has approved another deal involving Advent International's Rasmeli Ltd acquiring a stake in Apollo Healthco Ltd (AHL). Rasmeli is indirectly managed by Advent International, LP. The regulator also cleared Apollo Healthco's acquisition of Keimed and their subsequent merger.

Advent's Investment in Apollo Healthco

Rasmeli plans to make a minority investment in AHL over two tranches, gaining certain rights within AHL. AHL intends to acquire shares in Keimed through primary and secondary transactions gradually. Following Rasmeli's investment, Keimed and AHL will proceed with merging Keimed into AHL.

Before Rasmeli's investment, Apollo Hospitals Enterprise Ltd (AHEL) plans to subscribe to equity shares of AHL through preferential allotment and bonus issuance of fresh equity shares. AHEL provides healthcare services, including hospital management, branding, operations support for healthcare providers, and retail healthcare services.

Apollo Healthco's Operations

Apollo Healthco operates the Apollo 24/7 platform and is involved in pharmacy distribution. Keimed engages in wholesale distribution of pharmaceutical products, OTC products, medical equipment, surgical products for hospitals, and FMCG items.

Deals exceeding certain thresholds require CCI approval to ensure fair competition and prevent unfair business practices. The regulator's role is crucial in maintaining market fairness and promoting healthy competition among businesses.

The recent approvals by CCI highlight its commitment to fostering fair competition while enabling significant business transactions that can impact various sectors positively.