The Competition Commission of India (CCI) has approved the proposed combination involving acquisition of 100% shareholding of Interise Investment Managers Limited by the CPIH, AIL – II. and Ontario Inc.
Who are the acquirers?
CPIH, AIL – II and Ontario Inc. are the acquirers in this deal.
CPPIB India Private Holdings Inc. (CIPH) is a Canadian corporation and is an investment holding company which invests in a diversified portfolio of assets. CIPH is a wholly owned subsidiary of Canada Pension Plan Investment Board (CPPIB).
Allianz Infrastructure Luxembourg II S.À R.L. (AIL – II) is an alternative investment fund based in Luxembourg. It is engaged in the acquisition and management of assets, in particular, stakes in corporations and real estate companies, for its own investments. AIL – II is indirectly wholly owned by Allianz SE, which is the holding company of the Allianz Group.
Ontario Inc. (Ontario Inc.) is an investment entity of the Ontario Administration Corporation, which is the administrator of the Ontario Municipal Employees Retirement System (OMERS) primary pension plan and the trustee of the pension funds thereunder.
Interise Investment Managers Limited
Interise Investment Managers Limited (Target) is the target in this deal.
Interise Investment Managers Limited (Target) is the investment manager of IndInfravit Trust (IndInfravit), which is an infrastructure investment trust registered with the Securities and Exchange Board of India. IndInfravit invests in road infrastructure assets in India. The Target is entrusted with the responsibility of managing the assets of IndInfravit.
What are the details of the proposed combination?
The Proposed Combination involves acquisition of 100% of the issued and paid-up share capital of the Target (on a fully diluted basis) by the Acquirers. CIPH, AIL II and Ontario Inc. will respectively hold 50%, 25% and 25% of the share capital of the Target (on a fully diluted basis).
The Proposed Combination was filed with CCI on January 4, 2024 and was approved on February 6, 2024 under Section 31(1) of the Competition Act, 2002. The detailed order of CCI will follow.
The Proposed Combination is expected to provide strategic benefits to IndInfravit and its unitholders by bringing in long-term institutional investors with global expertise and experience in infrastructure sector.
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