The Competition Commission of India has approved the acquisition of certain shareholding in SNV Aviation Private Limited (Akasa Air) by PI Opportunities Fund-I Scheme-II (PIOF), certain executives of PIOF, Claypond Capital Partners Private Limited (Claypond), and 360 ONE Private Equity Fund (360 Fund), through its various schemes and affiliates.

The Proposed Combination involves the acquisition of certain shareholding in Akasa Air by  PIOF, PI Executives, Claypond, and 360 Fund, acting through its investment manager, 360 ONE Alternates Asset Management Limited.

PIOF is a trust established under the laws of India and registered as an Alternative Investment Fund with the Securities and Exchange Board of India and is setup to provide investors with risk-adjusted returns by way of a portfolio of significant and long-term equity investments in various growing entities.

Claypond is an affiliate of the Pai Family Group. Pai Family Group has made financial investments in various sectors.

360 Fund is registered with the SEBI as a Category II AIF and is established for the purpose of investing in various sectors in India and worldwide.

Akasa Air is engaged in the business of providing domestic scheduled air passenger transport services, international scheduled air passenger transport services, air cargo transport services, and allied services including in-flight sales.

Detailed order of the Commission will follow.

Merger control clearance for acquisition of shareholding in Akasa Air by private equity investors announced. Approval was granted for the Proposed Combination whereby PI Opportunities Fund I Scheme II, certain PI executives, Claypond Capital Partners, and 360 ONE Private Equity Fund, through their schemes and investment manager, will acquire certain shareholding in SNV Aviation Private Limited (Akasa Air). The acquiring parties are identified as SEBI registered or affiliated investment vehicles focused on long term equity and sector investments; Akasa Air operates scheduled domestic and international passenger services, air cargo transport, and related in flight services.