New Delhi: The Competition Commission of India (CCI) has approved acquisition of Indiabulls Asset Management Company Limited and Indiabulls Trustee Company Limited by Nextbillion Technology Private Limited. The transaction involves a single share purchase agreement executed between the acquirer, Indiabulls Asset Management Company Ltd (IAMCL) and Indiabulls Trustee Company Ltd (ITCL) and the Indiabulls Housing Finance Ltd, as per a combination notice filed with the regulator.
"Commission approves acquisition of Indiabulls Asset Management Company and Indiabulls Trustee Company by Nextbillion Technology," said the regulator in a tweet.
Nextbillion Technology (Groww Group) is India's investment tech platform. It is also registered with Association of Mutual Funds in India as a mutual fund distributor. It is engaged in providing an online platform named Groww that allows investors to invest, inter alia, in mutual funds and stocks.
Indiabulls AMC is a subsidiary of the Indiabulls Housing Finance. Presently, Indiabulls AMC has 3 business verticals viz. mutual fund business (MF Business), alternate investment fund business (AIF Business) and portfolio management business (PMS Business).
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