Bc Asia Investments X Limited
Case brief
What is this about?
The Competition Commission of India merged the applications of BC Asia and Bain entities for a proposed acquisition of IIFLWM. Noting low combined market shares in identified segments and presence of competitive constraints, the Commission held the combination would not adversely affect competition.
What did the court decide?
The proposed combination is approved under Section 31(1) of the Competition Act, 2002.
What the court decided
COMPETITION COMMISSION OF INDIA
(Combination Registration No.C-2022/04/921)
13.06.2022
Notice under Section 6(2) of the Competition Act, 2002 jointly filed by BC Asia Investments X Limited, Bain Capital Investors, LLC, Bain Capital Credit Member, LLC, Bain Capital Credit Member II, Ltd. and Canada Pension Plan Investment Board
CORAM:
Mr. Ashok Kumar Gupta Chairperson
Ms. Sangeeta Verma Member
Mr. Bhagwant Singh Bishnoi
Member
Order under Section 31(1) of the Competition Act, 2002
- On 25.04.2022, the Competition Commission of India ( Commission ) received a notice under sub-section (2) of Section 6 of the Competition Act, 2002 ( Act ). The notice has been filed pursuant to, inter alia , (a) Share Purchase Agreement between certain selling shareholders of IIFL Wealth Management Limited ( IIFLWM/Target ) and BC Asia Investments X Limited ( BC Asia/Acquirer ) dated 30.03.2022, (b) a letter agreement between BC Asia and IIFLWM dated 31.03.2022, and (c) tax indemnity deeds between BC Asia and certain selling shareholders (General Atlantic Singapore Fund Pte. Ltd. and FIH Mauritius Investments Limited) of IIFLWM dated 30.03.2022
Issues for consideration
3 issues framed by the court
Whether the proposed acquisition of 24.98% shareholding in IIFLWM by BC Asia is likely to cause an appreciable adverse effect on competition.
Whether the identified relevant markets indicate sufficient competition constraints making the combination safe.
Whether to approve or reject the proposed combination under Section 31(1) of the Competition Act, 2002.
Parties & counsel
- applicant
BC Asia Investments X Limited, Bain Capital Investors, LLC, Bain Capital Credit Member, LLC, Bain Capital Credit Member II, Ltd. and Canada Pension Plan Investm
- respondent
Competition Commission of India
Coram
Ashok Kumar Gupta
Case details
As recorded by the court registry
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