CCI gives green channel approval
The Competition Commission of India (CCI) has approved on 3 Mar 2020 Brookfield Group’s BCP V Multiple Holdings Pte Ltd acquisition of 40% paid up equity share capital of NBFC IndoStar Capital Finance Limited under Green Channel process.
CCI had received a BCP proposal under green channel combination. It was filed under sub-section (2) of Section 6 of the Competition Act, 2002 (Act) read with regulation 5A of the Competition Commission of India (Procedure in regard to the transactions of business relating to combinations) Regulations, 2011 (Combination Regulations):
BCP belongs to the Brookfield group, which is a global alternative asset manager. It is stated to own and operate assets with a focus on real estate, renewable power, infrastructure and private equity.
IndoStar is registered as a non-deposit accepting Non-Banking Financial Company, registered with the Reserve Bank of India. It is primarily engaged in providing bespoke INR denominated structured term financing solutions to corporates, loans to SME borrowers, used and new commercial vehicle financing.
Additionally, it also provides housing finance products through its wholly owned subsidiary, i.e. IndoStar Home Finance Private Limited; and investment advisory and asset management services through another subsidiary namely IndoStar Asset Advisory Private Ltd.
[Filing under sub-section (2) of Section 6 of the Act read with regulation 5A of the Combination Regulations (i.e. notice for approval of the Proposed Combination under Green Channel) shall be deemed to have been approved upon filing and acknowledgment thereof.] fiinews.com
