The Competition Commission of India has approved the acquisition of certain businesses from ICICI Venture Funds Management Company Limited (Seller) by ICICI Prudential Asset Management Company Limited (Acquirer)

The ‘Proposed Combination’ involves the acquisition of certain businesses from the Seller by the Acquirer.

The Acquirer is, inter alia, involved in managing mutual funds, providing portfolio management services, managing alternative investment funds, and providing advisory services to offshore clients. The Acquirer is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited (PCHL), which is a wholly owned subsidiary of Prudential Plc.

Target Businesses comprise of – (a) Business of managing and/or sponsoring five identified alternative investment funds registered with Securities and Exchange Board of India (SEBI) (IM Business), and (b) Business of providing non-exclusive, non-binding advice to an identified offshore investment fund (IM Business).

The Advisory Business pertains to provision of non-binding, non-exclusive investment recommendations and advice regarding private equity investments in India under an Investment Advisory Agreement.

Detailed order of the Commission will follow.

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NB/PK

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