Jurisdiction - India
India – CCI Clears 100 Percent Acquisition Of DEPL By Quality Investment Holdings.

17 March, 2015


On January 29, 2015, CCI cleared the proposed acquisition of 100% of the share capital of Destimoney Enterprises Private Limited (‘DEPL’) by Quality Investment Holdings (‘QIH’) from Destimoney Enterprise Limited (‘DEL’).

QIH, an investment holding company, is incorporated under laws of Mauritius and controlled by The Carlyle Group, L.P. Carlyle Group, a global alternative asset manager, and has minority non-controlling stake in three enterprises having operations in India namely: (i) Edelweiss Financial Services Limited, (ii) India Infoline Limited and (iii) South Indian Bank Limited. DEPL, a company incorporated in India, is a subsidiary of DEL and holds 49% stake in Punjab National Bank Housing Finance Limited (‘PNBHFL’). DEL is incorporated in Mauritius and promoted by New Silk Route, an Asia-focused growth capital firm. The proposed combination would entail the sale of six subsidiaries of DEPL. However, DEPL would continue to hold its 49% stake in PNBHFL. Hence, upon the acquisition of DEPL by QIH, QIH would also indirectly acquire DEPL’s 49% stake in PNBHFL.

In course of its review, CCI noted that QIH was an investment holding company and has no other business activities, whereas DEPL was a financial services company, engaged in the business of distribution of financial products. Moreover, PNBHFL was engaged in providing home loans and non home loans. Therefore, CCI observed that there was no horizontal overlap or vertical relationship between the business activities of QIH, DEPL and PNBHFL.

Accordingly, CCI concluded that the proposed combination is not likely to cause any AAEC and hence approved the 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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