CCI clears Advent International investment in Aditya Birla Capital

NEW DELHI : The Competition Commission of India (CCI) has approved indirect acquisition of 4.15% stake in Aditya Birla Capital Ltd. by private equity firm Advent International Corp., said an official release.

The investment is being made by Jomei Investments Limited (JIL) which is wholly-owned by a fund managed by Advent International Corp.

CCI did not specify the amount of investment coming into Aditya Birla Capital, but the company had said in September that its board had approved mobilising Rs2,100 crore investments including Rs1,000 crore of equity investments from Jomei Investments Ltd, an affiliate of Advent International, Mint had reported on 5 September.

Aditya Birla Capital Ltd. 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 in non-banking finance, asset management, life insurance, housing finance, health insurance, general insurance broking and wealth management, said the statement from CCI. Advent International has $44 billion investments in over 40 countries, according to its website.

[“source=livemint”]