On August 22, 2019, CCI approved the acquisition of 49% of the total equity share capital of Mahindra Asset Management Company Private Limited ('Mahindra AMC') and Mahindra Trustee Company Private Limited ('Mahindra TCPL') by Manulife Asset Management (Singapore) Pte. Ltd ('MAMSG'). 1
MAMSG is a wholly-owned subsidiary of Manulife Financial Asia Limited (an entity based in Hong Kong) and an indirect wholly-owned subsidiary of Manulife Financial Corporation, and is engaged in fund management services. Mahindra AMC is the investment manager for the Mahindra Mutual Fund. Mahindra TCPL is the trustee of Mahindra Mutual Fund.
CCI noted that there are no horizontal overlaps between the MAMSG, Mahindra AMC and Mahindra TCPL, either directly or indirectly (through their affiliates), and are also not engaged in any vertically overlapping business. Based on this, CCI held that the transaction is not likely to have an appreciable adverse effect on competition in India, and granted its approval.
Footnote
1 C-2019/07/673.
Originally published October 2019
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