CCI approves acquisition of L&T's mutual fund business by HSBC AMC

The Competition Commission of India (CCI) on Wednesday approved acquisition of 100 per cent share capital of L&T Investment Management Limited (L&T AMC) by HSBC Asset Management (India) Private Limited (HSBC AMC).
 
In December last year, L&T Finance Holdings had announced that it will divest its mutual fund business to HSBC AMC for $425 million.
 
The CCI announced the clearance of proposal on Twitter.
 

Commission approves acquisition of 100% share capital of L&T Investment Management Limited (L&T AMC) by HSBC Asset Management (India) Private Limited (HSBC AMC) pic.twitter.com/ZYRodxLkyQ

— CCI (@CCI_India) March 9, 2022

 
As per the combination notice filed with CCI, the transaction relates to acquisition by HSBC AMC and its nominees of 100 per cent share capital of L&T AMC from L&T Finance Holdings Limited and its nominees.
 
Simultaneously, there will be a change in the sponsorship, trusteeship, management and administration of L&T Mutual Fund schemes managed by L&T AMC, whereby the L&T MF schemes will be managed and operated by HSBC AMC and HSBC Trustee shall be appointed as the trustee of L&T MF, as per the notice.
 
Pursuant to the proposed transaction, L&T MF will comprise part of and be considered to form an integral part of HSBC Mutual Fund schemes.

Also Read: HSBC AMC acquires L&T Finance's mutual fund business for $425 mn

Also Read: Geopolitical uncertainties make green hydrogen adoption ever more relevant