The Competition Commission of India (CCI) on Thursday approved the acquisition of 100% share capital of Larson and Turbo Investment Management Limited by HSBC Asset Management (India) Private Limited (Acquirer).
The proposed combination relates to the acquisition of 100% equity share capital of L&T AMC (Target) by HSBC AMC from L&T Finance Holdings Limited (L&T Sponsor/Seller) and its nominees.
The acquisition of equity shares of Target falls under Section 5(a) of the Competition Act, 2002.
HSBC AMC (Acquirer)
HSBC AMC is the asset management entity for operating the day-to-day functioning of HSBC Mutual Fund schemes (HSBC MF).
It is responsible for managing investments of money pooled in through investments in HSBC MF.
HSBC AMC is a wholly-owned indirect subsidiary of HSBC Holdings PLC (HSBC Group) and belongs to the HSBC Group of companies.
L&T AMC (Target)
Larson and Turbo AMC is the asset management entity for operating the day-to-day functioning of L&T Mutual Fund schemes (L&T MF).
It is responsible for managing the investment of money pooled-in through investments made in L&T MF. L&T AMC is a wholly owned subsidiary of L&T Sponsor.