The Competition Commission of India (CCI) approves acquisition of shares by MacRitchie Investments and Fort Canning Investments; and voting rights by Mr. Bhavish Aggarwal in ANI Technologies Private Limited

The proposed combination envisages acquisition of shareholding(s) and certain right(s) in ANI Technologies Private Limited (ANI) by MacRitchie Investments Pte. Ltd. (MacRitchie) and Fort Canning Investments Pte. Ltd. (Fort Canning). Proposed combination also envisages acquisition of certain voting rights by Mr. Bhavish Aggarwal in ANI.

MacRitchie is an investment holding company. It is a subsidiary of Temasek Holdings (Private) Limited (Temasek). Temasek is an investment company based in Singapore. Fort Canning is an investment holding company. Bhavish is executive director of ANI.

ANI is engaged in operating an internet and mobile technology platform which provides taxi and auto-rickshaw aggregation services under the brand name Ola. ANI through its subsidiaries is, inter alia, engaged in the businesses of manufacturing and selling food, digital payments, etc.

Detailed order of the CCI will follow.

Competition clearance for acquisition of shares and voting rights in a ride hailing platform enabling investor entry and governance change. CCI approved a combination in which MacRitchie Investments and Fort Canning Investments will acquire shareholdings and certain rights in ANI Technologies Private Limited, and Mr. Bhavish Aggarwal will acquire certain voting rights. MacRitchie and Fort Canning are investment holding companies (MacRitchie is a Temasek subsidiary). ANI operates a technology platform providing taxi and auto rickshaw aggregation services under the brand Ola and undertakes related businesses including food and digital payments. A detailed CCI order will follow.