The Competition Commission of India (CCI) approves acquisition of additional stake in Acko Tech by General Atlantic.

The proposed combination envisages acquisition of an additional 4.04% shareholding of Acko Technology and Services Private Limited (Acko Tech) by General Atlantic Singapore ACK Pte. Ltd. (GASACK).

GASACK, an investment holding company, is held by funds or vehicles controlled by General Atlantic.

Acko Tech is engaged in the business of providing general (non-life) insurance through its subsidiary, Acko General Insurance Limited (Acko GI).

The Commission approved the proposed combination subject to compliance of modifications jointly furnished by GASAK and GAP Bermuda, L.P. under Regulation 19(2) of the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011.

Detailed order of the CCI will follow.

Competition clearance for additional stake acquisition in Acko Tech granted, subject to compliance with prescribed modification conditions. The Competition Commission of India approved the acquisition by General Atlantic Singapore ACK Pte. Ltd. of an additional stake in Acko Technology and Services Private Limited, noting that the acquirer is an investment holding vehicle controlled by General Atlantic and that Acko Tech operates in non-life insurance through its subsidiary. Approval was granted subject to compliance with jointly furnished modifications under the procedural regulation governing combinations, with a detailed order to follow.