Fair trade regulator CCI has approved the acquisition of portfolio management services business of Axis Securities Ltd by Axis Asset Management Company Ltd.
“The proposed combination is in the nature of an acquisition by Axis Asset Management Company of the portfolio management services business of Axis Securities Limited (transferor) in India (target business) from the transferor,” the watchdog said in a release on Tuesday.
The Competition Commission of India (CCI) said it has cleared the proposed combination.
Axis Asset Management Company manages a mutual fund business and is also engaged in the business of provision of portfolio management services, among others.
Source: Economic Times