CCI approves Jomei Investments' acquisition of 4.15% equity in Aditya Birla Capital
25 October 2019
The Competition Commission of India (CCI) has approved the acquisition of 4.15 per cent of the shareholding in Aditya Birla Capital Limited (ABCL) by Jomei Investments Limited (JIL).
JIL, a special purpose vehicle, is wholly-owned by Advent International GPE IX Limited Partnership, a fund managed by Advent International Corporation. CCI is expected to issue a detailed order soon.
Jomei Investments Ltd, an affiliate of Advent International. CCI did not specify the amount Jeomi has invested in Aditya Birla Capital. However, the board of ABCL had, in September, approved mobilising Rs2,100 crore investments
Out of the total capital to be raised, Rs1,000 crore was to be investments by Jomei Investments, an entity affiliated with Advent International.
Of the remaining Rs 1,100 crore, Rs1,000 crore will be raised by promoter entities and Rs 100 crore by an entity affiliated with Premji Invest.
ABCL is the holding company for the financial services businesses of the Aditya Birla group. Through its subsidiaries and joint ventures, ABCL has presence across diverse businesses including, non-banking financial sector, asset management, life insurance, housing finance, health insurance, general insurance broking, wealth management, equity, currency and commodity broking, pension fund management and asset reconstruction businesses.