The Competition Commission of India has approved the acquisition of certain businesses from ICICI Venture Funds Management Company Limited by ICICI Prudential Asset Management Company Limited.

The proposed combination involves ICICI Prudential AMC taking over specific businesses currently operated by the seller. The acquirer manages mutual funds, provides portfolio management services, manages alternative investment funds and offers advisory services to offshore clients. It is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited, a wholly owned subsidiary of Prudential plc.

The target businesses include: (a) the business of managing and/or sponsoring five identified SEBI-registered Alternative Investment Funds (the IM Business), and (b) the business of providing non-exclusive, non-binding advice to an identified offshore investment fund (the Advisory Business).

The advisory segment relates to offering non-binding, non-exclusive investment recommendations and guidance on private equity investments in India under an Investment Advisory Agreement.

The Commission stated that a detailed order will be issued in due course.