PIB News Update: The Competition Commission of India (CCI) approves acquisition of Indiabulls Asset Management Company Limited and Indiabulls Trustee Company Limited by Nextbillion Technology Private Limited.
The proposed combination envisages acquisition of 100% of the shareholding of Indiabulls Asset Management Company Limited (Indiabulls AMC) and Indiabulls Trustee Company Limited (Indiabulls Trustee).
Nextbillion Technology Private Limited is a stockbroker and depository participant. It is also registered with Association of Mutual Funds in India as a mutual fund distributor. It is engaged in providing an online platform named Groww that allows investors to invest, inter alia, in mutual funds and stocks.
Indiabulls AMC is a subsidiary of the Indiabulls Housing Finance. Presently, Indiabulls AMC has 3 business verticals viz. mutual fund business (MF Business), alternate investment fund business (AIF Business) and portfolio management business (PMS Business). It provides asset management services to Indiabulls Mutual Fund (Indiabulls MF) and operating/ managing its schemes. Indiabulls Trustee is engaged in providing trusteeship services to the Indiabulls MF.
Detailed order of the CCI will follow.