The Competition Commission of India (CCI) has approved the acquisition of 10.39% shareholding of Annapurna Finance Private Limited and subscription to its certain debentures by Piramal Alternatives Trust.

Piramal Alternatives Trust is a trust belonging to Piramal Enterprises Limited. Piramal Alternatives Trust is a fund management business that provides customised financing solutions to high-quality corporates through - 'Piramal Credit Fund', a performing, sector-agnostic credit fund; and 'IndiaRF', a distressed asset investing platform, which invests in equity and/or debt across non-real estate sectors.

Annapurna Finance Private Limited is a non-deposit-taking non-banking financial company registered with the Reserve Bank of India under the Reserve Bank of India Act, 1934. It is engaged in the provision of microfinance and/or other loans to micro-entrepreneurs, micro, small and medium enterprises in India and the provision of low/affordable housing finance to customers and is classified as an NBFC-micro finance institution.

Detailed order of the CCI will follow.

Competition approval: acquisition of shareholding and debenture subscription by Piramal Alternatives Trust in Annapurna Finance. Competition approval was granted for the acquisition of a minority shareholding and subscription to certain debentures in Annapurna Finance Private Limited by Piramal Alternatives Trust, a fund management vehicle operating credit and distressed-asset investment platforms; Annapurna Finance is an RBI-registered non-deposit-taking NBFC classified as an NBFC micro finance institution providing microfinance, MSME lending and affordable housing finance. A detailed CCI order will follow.