Fair trade regulator CCI on August 20 approved the acquisition of majority stake in each of Invesco Asset Management and Invesco Trustee by IndusInd International Holdings Ltd.
"The proposed combination pertains to the acquisition of 60 percent shareholding in each of Invesco Asset Management (India) Pvt Ltd (Invesco AMC) and Invesco Trustee Pvt Ltd (Invesco Trustee) by IndusInd International Holdings Ltd (IIHL).
"IIHL will be holding the investment through its wholly-owned and controlled subsidiary, IIHL AMC Holdings Ltd (IIHL AMC), which has been incorporated specifically for the purposes of proposed combination," the regulator said in a release.
IIHL is a global business license (Category 1) licensee company incorporated in the Republic of Mauritius. It is a investment holding whereby IIHL holds shares in different companies spread across sectors.
The Competition Commission of India (CCI) said it has cleared the deal.
Invesco Trustee and Invesco AMC are the trustee company and asset management company respectively, of Invesco Mutual Fund, while Invesco AMC is a Sebi-registered portfolio manager.
In April this year, IIHL and Invesco announced that they have entered into a definitive agreement to form a joint venture, as part of which IIHL will acquire a 60 percent stake in Invesco Asset Management India (IAMI).
On April 2, Moneycontrol was the first to report that Hinduja Group's IIHL was in advanced talks to acquire 60 percent stake in Invesco MF.
IAMI is the Indian arm of the global investment management firm Invesco having over $1.6 trillion in assets under management.
Further, Invesco will retain a 40 percent stake in the newly formed joint venture with IIHL, and both IIHL and Invesco will have sponsor status.
(With PTI inputs)
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