New Delhi [India], June 14 (ANI): The Competition Commission of India (CCI) on Tuesday said it has approved the acquisition of up to 24.98 per cent shareholding of IIFL Wealth Management Limited by BC Asia Investments X Limited.
IIFL Wealth Management Limited is a private wealth management firm in India. IIFLWM serves the highly specialised and sophisticated needs of high net-worth and ultra-high net worth individuals, affluent families, family offices and institutional clients through a comprehensive range of tailored wealth management solutions.
BC Asia Investments X Limited proposes to acquire 24.98 per cent shareholding in IIFL Wealth Management Limited, the Competition Commission of India said in a statement.
BC Asia is an investment holding company incorporated under the laws of Mauritius, and its objective is to hold long-term investments. BC Asia is indirectly held by funds or vehicles controlled by Bain Capital Investors, Bain Capital Credit Member, Bain Capital Member II and Canadian Pension Plan Investment Board (CPPIB).
Bain Private Equity is a private equity investment firm that invests, through its family of funds, in companies across many industries, including information technology, healthcare, retail and consumer products, communications, financial and industrial/manufacturing.
Bain Credit is a leading global credit specialist with that invests up and down the capital structure and across the spectrum of credit strategies, including leveraged loans, high-yield bonds, distressed debt, private lending, structured products, non-performing loans and equities.
CPPIB is a professional investment management organization that invests the funds transferred to it by the Canada Pension Plan Fund (CPP Fund) that are not needed by the CPP Fund to pay current benefits on behalf of its various contributors and beneficiaries. In order to build a diversified portfolio of assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. (ANI)