CCI approves HSBC Asset Management's proposal to acquire L&T finance unit

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.

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.

( With inputs from ANI )

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