Business News | CCI Approves HSBC Asset Management's Proposal to Acquire L&T Finance Unit
Get latest articles and stories on Business at LatestLY. The Competition Commission of India (CCI) on Thursday said it has approved HSBC Asset Management's proposal to acquire 100 per cent equity share capital of L&T Investment Management Limited.
New Delhi [India], March 10 (ANI): The Competition Commission of India (CCI) on Thursday said it has approved HSBC Asset Management's proposal to acquire 100 per cent equity share capital of L&T Investment Management Limited.
The Competition Commission of India (CCI) approves acquisition of 100 per cent share capital of L&T Investment Management Limited (L&T AMC/Target) by HSBC Asset Management (India) Private Limited (HSBC AMC/Acquirer), CCI said in a statement.
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The proposed combination relates to acquisition of 100 per cent equity share capital of L&T AMC by HSBC AMC from L&T Finance Holdings Limited (L&T Sponsor/Seller) and its nominees.
L&T 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 investment of money pooled-in through investments made in L&T MF. L&T AMC is a wholly owned subsidiary of L&T.
HSBC Asset Management (India) Private Limited is the asset management entity for operating the day-to-day functioning of HSBC Mutual Fund schemes. It is responsible for managing investments of money pooled-in through investments in HSBC Mutual Fund. HSBC AMC is a wholly-owned indirect subsidiary of HSBC Holdings PLC and belongs to the HSBC Group of companies. (ANI)
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