The Competition Commission of India (CCI) approves acquisition of shares by Plum Wood Investment and voting rights by Mr. Bhavish Aggarwal in ANI Technologies Private Limited.

The proposed combination envisages acquisition of shareholding and certain rights in ANI Technologies Private Limited (ANI) by Plum Wood Investment Limited (Plum Wood). Proposed combination also envisages acquisition of certain voting rights by Mr. Bhavish Aggarwal in ANI.

Plum Wood is an investment holding company. Shareholders of Plum Wood are certain private equity funds managed by Warburg Pincus LLC (Warburg Pincus). Warburg Pincus is headquartered in New York, United States. It acts as a manager to certain private equity funds. 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.

Acquisition of control: CCI approves share and voting rights transfers in ANI Technologies, impacting ownership and governance. The Competition Commission approved Plum Wood Investment Limited's acquisition of shareholding in ANI Technologies Private Limited and Mr. Bhavish Aggarwal's acquisition of specified voting rights, affecting ANI's ownership and governance. Plum Wood is an investment holding company whose shareholders are private equity funds managed by Warburg Pincus, and Bhavish Aggarwal is an executive director of ANI. ANI operates a technology platform offering taxi and auto rickshaw aggregation under the Ola brand and conducts related businesses through subsidiaries.