Advent ventures into financial sector
The Competition Commission of India (CCI) has approved Jomei Investments Limited’s (JIL) 4.15% acquisition of shares in Aditya Birla Capital Limited (ABCL).
JIL, a special purpose vehicle, is wholly-owned by Advent International GPE IX Limited Partnership, a fund managed by Advent International Corporation.
ABCL is the holding company for the financial services businesses of the Aditya Birla group. Through its subsidiaries and joint ventures, ABCL has presence across diverse businesses including, non-banking financial sector, asset management, life insurance, housing finance, health insurance, general insurance broking, wealth management, equity, currency and commodity broking, pension fund management and asset reconstruction businesses. fiinews.com
