Slice and North-East Small Finance Bank Merger Gets CCI Nod

On Tuesday, March 12, the Competition Commission of India (CCI), India's fair trade regulator, announced its approval of the proposed merger between fintech firm Slice and North-East Small Finance Bank (NESFB). NESFB is a private sector small finance bank headquartered in Guwahati, with branches primarily located in the northeastern states of India.

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Details of the Proposed Merger

The proposed transaction involves the merger of Garagepreneurs Internet Pvt Ltd (GIPL), including its subsidiaries Quadrillion Finance Pvt Ltd and Intergalactory Foundry Pvt Ltd, with North-East Small Finance Bank, along with RGVN North-East Microfinance Ltd. GIPL operates under the brand name Slice and specializes in facilitating digital payments and credit products in India.

CCI Approves TPG's Acquisition of Stake in Asian Institute of Nephrology and Urology

In a separate release on the same day, the CCI also approved the proposed acquisition of a stake in the Asian Institute of Nephrology and Urology (AINU) by TPG Growth V SF Markets Pte and Waverly Pte through Asia Healthcare Holdings Pte Ltd (AHH). Subsequently, TPG Growth V SF Markets Pte Ltd (Growth V) and Waverly Pte Ltd will acquire redeemable preference shares in AHH.

Background of Asia Healthcare Holdings and TPG

Asia Healthcare Holdings Pte (AHH) primarily engages in long-term investment holding activities and provides healthcare services in India. AHH is jointly owned and controlled by the TPG Group and Waverly. Growth V is an investment fund ultimately managed and controlled by TPG Inc., while Waverly is a wholly-owned subsidiary of Lathe Investment Pvt Ltd, which is in turn wholly owned by Singapore's sovereign wealth fund GIC.

Focus of Asian Institute of Nephrology and Urology

AINU focuses on providing healthcare services through hospitals specializing in urology care, nephrology care, dialysis, and kidney transplant. It operates seven hospitals across India, located in Hyderabad, Secunderabad, Vishakhapatnam, Siliguri, and Chennai.

Significance of CCI Approval

Deals that exceed a certain threshold require approval from the CCI, which plays a crucial role in monitoring unfair business practices and promoting fair competition in the Indian marketplace.

The CCI's approval of these mergers and acquisitions demonstrates its commitment to ensuring a healthy and competitive business environment in India. These approvals pave the way for the consolidation of the fintech and healthcare sectors, potentially leading to improved services and greater accessibility for consumers.