The Competition Commission of India (CCI) approves acquisition of 100% share capital of L&T Investment Management Limited (L&T AMC/Target) by HSBC Asset Management (India) Private Limited (HSBC AMC/Acquirer)

The proposed combination relates to acquisition of 100% equity share capital of L&T AMC by HSBC AMC from L&T Finance Holdings Limited (L&T Sponsor/Seller) and its nominees. The acquisition of equity shares of the Target falls under Section 5(a) of the Competition Act, 2002.

HSBC AMC / Acquirer

HSBC AMC is the asset management entity for operating the day-to-day functioning of HSBC Mutual Fund schemes (HSBC MF). It is responsible for managing investments of money pooled-in through investments in HSBC MF. HSBC AMC is a wholly-owned indirect subsidiary of HSBC Holdings PLC (HSBC Group) and belongs to the HSBC Group of companies.

L&T AMC / Target

L&T AMC is the asset management entity for operating the day-to-day functioning of L&T Mutual Fund schemes (L&T MF). It is responsible for managing investment of money pooled-in through investments made in L&T MF. L&T AMC is a wholly owned subsidiary of L&T Sponsor.

Detailed order of the CCI will follow.

Merger control: Competition approval for acquisition of complete stake in L&T Investment Management, prompting regulatory review. The Competition Commission of India approved the acquisition of the entire equity share capital of L&T Investment Management Limited by HSBC Asset Management (India) Private Limited, a transaction notified under Section 5(a) of the Competition Act, 2002 as an acquisition of share capital. HSBC AMC is the asset manager for HSBC Mutual Fund schemes and is an indirect wholly owned subsidiary of the HSBC group; L&T Investment Management is the asset manager for L&T Mutual Fund schemes and a wholly owned subsidiary of its sponsor. A detailed CCI order will follow.