Jurisdiction - India
India – CCI Approves Proposed Acquisition By Caladium Investments Pte. Ltd.

27 May, 2015

On March 5, 2015, CCI approved the proposed transaction involving the acquisition of approximately 15.14 % of the equity shares of Bandhan Financial Services Limited (‘BFSL’) by Caladium Investments Pte. Limited (‘Caladium’). The notice was filed pursuant to a binding term sheet (‘BTS’) executed between BFSL and Caladium.


CCI observed that Caladium was a special purpose vehicle incorporated in Singapore and was an affiliate of GIC, which is Singapore’s sovereign wealth fund. Caladium also has investments in Kotak Bank Limited and Edelweiss Financial Services Limited. CCI further observed that BFSL is a non-banking financial company and micro finance institution. BFSL had also received an in-principle approval to set up a bank.


CCI determined that while, as per the terms of the BTS, Caladium would acquire control of BFSL, and there were no horizontal or vertical overlaps between Caladium and BFSL.


Accordingly, CCI held that the proposed acquisition is not likely to have any AAEC in India and approved the transaction under Section 31(1) of the Competition Act.



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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