The Competition Commission of India (CCI) has approved acquisition of portfolio management services business of Axis Securities Limited by Axis Asset Management Company Limited.

The proposed combination is in the nature of an acquisition by Axis Asset Management Company Limited (Acquirer) of the portfolio management services business of Axis Securities Limited (Transferor) in India (Target Business) from the Transferor.

The Acquirer manages a mutual fund business and is also engaged in the business of provision of portfolio management services. The Acquirer has also established and manages alternative investment funds comprising of multiple strategies across Category II and Category III Alternative Investment Funds.

The Target Business comprises of the portfolio management services business of the Transferor in India.

Detailed order of the Commission will follow.

Competition approval for acquisition of portfolio management services business, consolidating PMS activities under an asset manager. The Competition Commission of India has approved an acquisition in which Axis Asset Management Company Limited will acquire the portfolio management services business of Axis Securities Limited in India. The Acquirer manages a mutual fund business, provides portfolio management services, and manages alternative investment funds across Category II and Category III; the Target Business comprises the Transferor's portfolio management services in India. A detailed order will follow.