The Competition Commission of India (CCI) has approved acquisition of shareholding in each of Invesco Asset Management (India) Private Limited and Invesco Trustee Private Limited by IndusInd International Holdings Limited.

The proposed combination pertains to the acquisition of 60% shareholding in each of Invesco Asset Management (India) Private Limited (Invesco AMC) and Invesco Trustee Private Limited (Invesco Trustee) by IndusInd International Holdings Limited (IIHL) (Proposed Combination). IIHL will be holding the investment through its wholly owned and controlled subsidiary, IIHL AMC Holdings Limited (IIHL AMC), which has been incorporated specifically for the purposes of Proposed Combination.

IIHL is a Global Business License (Category 1) licensee company incorporated in the Republic of Mauritius. The principal activity of IIHL is investment holding whereby IIHL holds shares in different companies spread across sectors.

Invesco Trustee and Invesco AMC are the trustee company and asset management company respectively of Invesco Mutual Fund and are duly approved by SEBI under the provisions of the SEBI (Mutual Funds) Regulations, 1996. Invesco AMC is also registered as a portfolio manager under the SEBI (Portfolio Managers) Regulations, 2020.

Detailed order of the CCI will follow.

Competition approval for acquisition of majority stake in Invesco Asset Management and Trustee by IndusInd International. The Competition Commission of India approved the proposed combination in which IndusInd International Holdings Limited, through a wholly owned subsidiary IIHL AMC Holdings Limited, will acquire a majority shareholding in Invesco Asset Management (India) Private Limited and Invesco Trustee Private Limited; Invesco Trustee and Invesco AMC act as trustee and asset manager of Invesco Mutual Fund and hold requisite regulatory approvals, and a detailed CCI order will follow.