CCI clears RCB parent acquisition, approves three other transactions
New Delhi, July 1
The Competition Commission of India on Wednesday approved four separate deals, including the proposed acquisition of Indian Premier League franchise Royal Challengers Bengaluru's parent company, investments in fintech firm KreditBee, a highways infrastructure investment trust transaction, and a stake acquisition in Nippon Life India AIF Management.
In a statement released by CCI, the competition regulator said it has cleared the acquisition of 100 per cent shareholding of Royal Challengers Sports Private Limited (RCSPL) by a consortium comprising Big Banyan Holdings, Bolt IPL Holdings, Times Internet, Times Cricket, ICQ Opportunities, Asia Investment Topco II and other investors.
"The Competition Commission of India (CCI) has approved the acquisition of 100% shareholding of Royal Challengers Sports Private Ltd. by a consortium comprising Big Banyan Holdings, Bolt IPL Holdings, Times Internet, Times Cricket, ICQ Opportunities, Asia Investment Topco II and others," the regulator said.
According to the CCI statement, Royal Challengers Sports is "primarily engaged in the ownership and operation of the Royal Challengers Bengaluru franchise including the Bengaluru-based professional cricket teams participating in the Indian Premier League and the Women's Premier League."
In another statement, the regulator approved the acquisition of certain shares in Krazybee Services Limited and Finnovation Tech Solutions Private Limited, which operates the KreditBee app, by Singapore-based Mars Equity Dragon Fund VCC.
"The proposed combination involves acquisition of certain shares in Krazybee Services Limited (Krazybee) and Finnovation Tech Solutions Private Limited (Finnovation) by Mars Equity Dragon Fund VCC," the CCI said.
It noted that Krazybee is a Reserve Bank of India-registered non-banking financial institution offering personal, business, property and two-wheeler loans, while Finnovation owns and operates the KreditBee app, through which customers can avail loans and access payment services such as Unified Payments Interface (UPI).
The competition watchdog also approved a proposed infrastructure transaction involving Anantam Highways Trust (InvIT), Build India Infrastructure Fund (BIIF), Dilip Buildcon Limited (DBL) and DBL Infraventures Private Limited.
"The proposed combination entails (a) the acquisition of shareholding of the seven target SPVs... by the InvIT and (b) the issuance of units of the InvIT to BIIF, DBL and DIPL," the CCI said in its approval statement.
The seven special purpose vehicles (SPVs) are engaged in highway and expressway projects across multiple states.
Separately, the CCI approved the proposed acquisition of certain shareholding in Nippon Life India AIF Management Limited by Germany-based asset manager DWS Group GmbH & Co KGaA.
"The proposed combination envisages to acquire certain share of the Nippon Life India AIF Management Limited ('Target') by DWS Group GmbH & Co. KGaA ('Acquirer')," the regulator said.
According to the CCI, the target company is engaged in alternative asset management and acts as an investment manager and sponsor to Securities and Exchange Board of India (SEBI)-registered alternative investment funds (AIFs), besides being registered as a co-investment portfolio manager.
— ANI
Reader Comments
Interesting to see DWS Group from Germany entering Indian AIF space. Our economy must be looking attractive for foreign investment right now, which is a good sign for jobs.
Another consortium buying RCB? Hope this doesn't lead to skyrocketing ticket prices like we saw with other franchises. Common fan already pays too much! 😤
The highways Infra deal is great! We need better roads, especially in states like UP and Bihar. More investment in infrastructure will help small businesses and daily commuters. 👷♂️
KreditBee deal being cleared... but are we sure these fintechs aren't exploiting poor people with high interest rates? CCI should also look at consumer protection. Just a thought.
RCB finally sold? Maybe new owners will bring some discipline to the team management. And good to see CCI being transparent with all these clearances. Transperancy is key! 🏏
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