IHC Acquires Stake in Sammaan Capital: CCI Approves

New Delhi, Dec 9 (PTI) Fair trade regulator CCI on Tuesday cleared Abu Dhabi-based International Holding Company's proposal to acquire stakes in Sammaan Capital.

International Holding Company (IHC), through its affiliate Avenir Investment RSC Ltd, is acquiring stakes in Sammaan Capital.

The development came after IHC announced in October that it had entered into an agreement to invest USD 1 billion (Rs 8,850 crore) and would pick up a 43.46 per cent stake in Sammaan Capital.

The Competition Commission of India (CCI) said it has approved the proposed deal.

"Commission approves the acquisition of certain shareholding of Sammaan Capital Limited (SCL/Target) by Avenir Investment RCS Ltd (Avenir/Acquirer)," the regulator said in a post on X.

Sammaan Capital is an RBI-registered non-deposit-taking non-banking financial company.

In October, Sammaan Capital said its shareholders approved the proposed sale of a 43.46 per cent stake in the company for USD 1 billion.

The lender, formerly known as Indiabulls Housing Finance, had said it would raise the capital by issuing preferential shares to Avenir.

In another deal approval, CCI allowed Schneider Electric SE to acquire stakes in Schneider Electric India Pvt Ltd (SEIPL) and Schneider Electric JV Holdings 2 Pte Ltd (SEJV2) from MacRitchie Investments Pte Ltd.

MacRitchie Investments Pte Ltd is an investment holding company of Singapore-based Temasek Holdings.

"The proposed combination envisages Schneider's proposed acquisition of 35 per cent stake in SEIPL and Schneider's (through Schneider Electric South East Asia (HQ) Pte Ltd) proposed acquisition of 35 per cent stake in SEJV2," the regulator said in a release.

France-based Schneider Electric SE is actively involved in the digital transformation of energy management and automation in homes, buildings, data centres, infrastructure and industries.

It operates through its subsidiaries and affiliates in India and offers products and services relating to, inter alia, the electrical and automation business.

"Commission approves the acquisition of certain stake in Schneider Electric India Private Limited (SEIPL) and Schneider Electric JV Holdings 2 Pte. Ltd. (SEJV2) respectively by Schneider Electric SE (Schenider) from the MacRitchie Investments Pte. Ltd," the regulator said in a post on X.

Schneider Electric India Pvt Ltd is an indirect subsidiary under full operational control and management control of Schneider. It is present in power management - MV, LV and secure power, and in automation systems.

Schneider Electric JV Holdings 2 Pte Ltd is a private limited company incorporated under the laws of Singapore.

Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.