The Competition Commission of India has approved the acquisition of certain stake of Speed JVco S.a r.l. (Target) by Ramon Investments Pte. Ltd. (Acquirer). The Proposed Combination involves the acquisition of certain stake of the Target by the Acquirer.

Acquirer is an investment holding company and does not engage in any business operation other than holding investments. It is an indirect wholly owned subsidiary of Temasek Holdings (Private) Limited (Temasek).

Temasek is an investment company headquartered in Singapore. Temasek’s global portfolio covers a broad spectrum of industries including transportation; financial services; telecommunications, media & technology; consumer & real estate; life sciences & agri-food; and multi-sector funds.

Target including its affiliates, inter alia, provides visa outsourcing and related services i.e., offering visa application and consular services to governments and diplomatic missions; travel-related services including facilitation of travel itinerary and hotel reservations, facilitation of travel insurance and other ancillary services such as providing sim cards and forex, etc.

Detailed order of the Commission will follow.

Competition approval granted for acquisition of stake in visa outsourcing provider, following review of investor's passive holding status. Competition approval was granted for Ramon Investments Pte. Ltd.'s acquisition of a stake in Speed JVco S.a r.l.; the Acquirer is a passive investment holding company and an indirect wholly owned subsidiary of Temasek, while the Target provides visa outsourcing and related travel services. A detailed order will follow.