The Competition Commission of India (CCI) approved acquisition of 4.15% of the shareholding in Aditya Birla Capital Limited (ABCL) by Jomei Investments Limited (JIL).

JIL, a special purpose vehicle, is wholly-owned by Advent International GPE IX Limited Partnership, a fund managed by Advent International Corporation.

ABCL is the holding company for the financial services businesses of the Aditya Birla group. Through its subsidiaries and joint ventures, ABCL has presence across diverse businesses including, non-banking financial sector, asset management, life insurance, housing finance, health insurance, general insurance broking, wealth management, equity, currency and commodity broking, pension fund management and asset reconstruction businesses.

Detailed order of the Commission will follow.

Merger control: approval of a minority share acquisition in a financial holding company under statutory combination review. Approval is recorded for a combination in which Jomei Investments Limited, a special purpose vehicle of a private equity fund manager, acquires 4.15% of Aditya Birla Capital Limited. The transaction was reviewed under the statutory merger control provision of the Competition Act, 2002, and a detailed order by the Commission will follow.