Jurisdiction - India
India – CCI Approved Amalgamation Of HBL And Atlas Documentary With HDB Financial Services.

18  March, 2015


On January 12, 2015, CCI approved the proposed amalgamation of HBL Global Private Limited (‘HBL’) and Atlas Documentary Facilitators Private Limited (‘Atlas Documentary’) with HDB Financial Services Limited (‘HDB’).

HBL is a subsidiary of Atlas Documentary and is engaged in the business of providing specialized Business Process Outsourcing (‘BPO’) services to HDFC Bank Ltd. (‘HDFC Bank’). Atlas Documentary provides BPO services to HDFC Bank, Housing Development Finance Corporation Limited and HDFC Ergo General Insurance Company Limited. Further, HDFC Bank owns 28.99% of the equity share capital of Atlas Documentary. HDB, a subsidiary of HDFC Bank, is registered as a Systemically Non-Deposit Taking Non-Banking Finance Company (‘NBFC’) with the Reserve Bank of India. HDB’s operations mainly involve providing loans, life and general insurance products and BPO services.

CCI considered that the relevant product market for the proposed transaction related to the provision of BPO services in the banking, financial services and insurance (‘BFSI’) sector in India. CCI also observed that the since the parties provide BPO services only to HDFC Bank and other HDFC group companies, the proposed combination is not likely to change the existing market structure for the provision of BPO services, in India. CCI also noted that the parties have insignificant market shares in the provision of BPO services in the BFSI sector, in India. Moreover, with regard to provision of financial services, there is no horizontal overlap between the Parties since both HBL and Atlas Documentary provide only BPO services in the BFSI sector.

In light of the above, CCI concluded that the proposed transaction was not likely to result in any AAEC and accordingly approved the proposed transaction.



For further information, please contact:


Zia Mody, AZB & Partners
[email protected]


Abhijit Joshi, AZB & Partners 
[email protected]

Shuva Mandal, AZB & Partners 
[email protected]


Samir Gandhi, AZB & Partners
[email protected]

Percy Billimoria, AZB & Partners 
[email protected]


Aditya Bhat, AZB & Partners 
[email protected]

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