The Competition Commission of India (CCI) has approved acquisition by 360 ONE Private Equity Fund in Vastu Housing Finance Corporation Limited.

360 ONE Private Equity Fund (360 Fund) is registered with the Securities and Exchange Board of India as a Category II Alternative Investment Fund and is established for the purpose of investing in various sectors in India and worldwide. 360 ONE Alternates Asset Management Limited (360 AAML) is the investment Manager of 360 Fund. 360 AAML is a wholly owned subsidiary and ultimately controlled by 360 ONE WAM Limited (360 OWL). 360 Fund and 360 AAML are together referred to as “360 ONE/ Acquirer”. 360 AAML provides investment management services to 360 ONE’s entities.

Vastu Housing Finance Corporation Limited (VHFCL/ Target) inter alia provides loans, home loans, home extension loans, plot and construction loans, construction loan, loans against property and micro/MSME loans in India. Vastu Finserve India Private Limited is a wholly owned subsidiary of VHFCL and is engaged in the business of providing financial services, specifically- provision of loans and credit/advance money with or without security to any individual, firm, body corporate or any other entity. It provides, inter alia, car loans, commercial vehicle loans, tractor loans, construction equipment loans, loans against property, etc.

360 Fund, through its various schemes and affiliates, proposes to make a secondary purchase of equity shares in the Target (Proposed Combination).

Detailed order of the CCI will follow.

Merger control approval: private equity fund to acquire equity stake in housing finance company following regulatory clearance. CCI approved the acquisition of equity shares in Vastu Housing Finance Corporation Limited by 360 ONE Private Equity Fund through a proposed secondary purchase, constituting merger control clearance. The acquirer comprises the Category II Alternative Investment Fund and its investment manager, 360 ONE Alternates Asset Management Limited, ultimately controlled by 360 ONE WAM Limited, acting through various schemes and affiliates. The target provides retail lending products and has a wholly owned subsidiary engaged in a range of lending services. A detailed CCI order will follow.