Axdi Ldii Spv 1 Ltd.
Case brief
What is this about?
The Competition Commission of India approved a proposed combination involving the acquisition of a 10.04% stake in Aadhar Housing Finance Limited by AXDI LDII SPV 1 LTD. The Commission found the combined market share negligible, no ability to foreclose competition, and the combination unlikely to adversely affect competition in India under Section 20(4).
What did the court decide?
The Commission approves the Proposed Combination under Section 31(1) of the Act.
What the court decided
A compact analysis
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
COMPETITION COMMISSION OF INDIA Combination Registration No. C-2025/11/1351
3rd February 2026
Notice under Section 6(2) of the Competition Act, 2002 given by AXDI LDII SPV 1 LTD
CORAM:
Ms. Ravneet Kaur Chairperson
Mr. Anil Agrawal Member Ms. Sweta Kakkad Member
Mr. Deepak Anurag Member
Order under Section 31(1) of the Competition Act, 2002
- On 27th November 2025, the Competition Commission of India ( Commission ) received a notice ( Notice ) under Section 6(2) of the Competition Act, 2002 ( Act ) given by AXDI LDII SPV 1 LTD ( Acquirer ). The Notice was filed pursuant to the execution of a Share Purchase Agreement ( SPA ) dated 29th July 2025, entered into between the Acquirer and BCP Topco VII Pte. Ltd. ( Seller ).
- The Proposed Combination envisages the acquisition of 10.04% (on a fully diluted basis) of the issued and paid-up capital of the Aadhar Housing Finance Limited ( Target ) by the Acquirer from the Seller [hereinafter, the Acquirer and the Target are collectively referred to as ‘ Parties ’].
Issues for consideration
3 issues framed by the court
Whether the proposed acquisition of 10.04% of capital in Aadhar Housing Finance Limited by AXDI LDII SPV 1 LTD would cause an appreciable adverse effect on competition.
How to assess horizontal overlaps and vertical linkages in the loans and insurance distribution markets for a combination with negligible market share.
Whether the factors under Section 20(4) of the Act indicate the proposed combination is unlikely to have an appreciable adverse effect on competition.
Parties & counsel
- applicant
COMPETITION COMMISSION OF INDIA
- applicant
AXDI LDII SPV 1 LTD
Coram
Ravneet Kaur
Case details
As recorded by the court registry
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