Jurisdiction - India
India – CCI Clears Way For American Express: Juweel Joint Venture.

15 July, 2014


On June 5, 2014, CCI approved the formation of a 50:50 joint venture (‘GBT JV’) between American Express Company (‘Amex’) and Juweel Investors Limited (‘Juweel’), a special purpose vehicle set up by Qatar Holdings LLC (‘QH’) and certain other investors. Post the setting up of GBT JV, the proposed combination involved the transfer of the global business travel services of Amex to it. 

CCI noted that QH is an investment holding company founded by Qatar Investment Authority, which is the sovereign investment fund of the State of Qatar. QH is registered as a foreign institutional investor with the Securities and Exchange Commission of India and invests in a wide range of sectors. In India, QH has interests in two hotels, as well as a Doha based commercial airline that offers services to and from India. Amex, a company listed on the New York Stock Exchange, provides payment related financial services and benefits, specialised insurance solutions etc. In India, Amex is engaged in the distribution of traveler’s cheques, taking institutional deposits, running back office finance operations etc.

CCI observed that QH did not have any interest/ investment in any Indian company engaged in global business travel services. Further, while some of QH’s portfolio companies were engaged in the hotel business, shipping services and air transport services in India, and had arrangements to use Amex’s marketing services, CCI noted that the proposed combination was not likely to raise any competition concern due to the presence of several offline and online travel agency service providers in India.

Accordingly, CCI approved the proposed combination on the basis that it was not likely to have any Adverse Effect in India.





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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