CCI Approves Bain Capital’s Investment in Manappuram Group

26 Jun 2025 CW Team

The Competition Commission of India (CCI) has approved the proposed combination involving Bain Capital’s acquisition of equity in Manappuram Finance Limited (MFL) and Manappuram Asset Finance Limited (MAFL). The deal will be executed through two investment entities—BC Asia Investments XXV Ltd and BC Asia Investments XIV Ltd—which are indirectly owned and controlled by Bain Capital Investors, LLC.

Bain Capital is a global private equity firm with holdings across multiple sectors, including financial services, IT, healthcare, retail, and manufacturing. The transaction involves a series of strategic steps designed to expand Bain Capital’s footprint in India’s fast-growing non-banking financial services sector.

Under the approved structure:

Acquirer 1 will subscribe to 92.9 million fully paid-up equity shares of MFL via private placement and preferential allotment.
Acquirer 2 will subscribe to 92.9 million warrants, each convertible into one equity share of MFL over a period of 4 to 18 months.
Bain Capital has launched an open offer to acquire up to 244.2 million shares, or 26 per cent of MFL’s expanded voting share capital, in line with SEBI’s takeover regulations.
Additionally, the deal includes the acquisition of MAFL by MFL, consolidating Manappuram Group’s lending operations.

Manappuram Finance Ltd, based in Kerala, is a diversified NBFC offering gold loans, MSME financing, and vehicle loans, while MAFL focuses largely on gold loans and secured lending such as loans against property and microfinance products.

The transaction will strengthen Bain Capital’s position in India’s lending ecosystem while supporting Manappuram’s expansion and capital base. The detailed CCI order is expected to follow shortly.

Infrastructure Urban

05 Nov 2025

TBO Tek Q2 Profit Climbs 12%, Revenue Surges 26% YoY

TBO Tek Limited one of the world’s largest travel distribution platforms, reported a solid performance for Q2 FY26 with a 26 per cent year-on-year increase in revenue to Rs 5.68 billion, reflecting broad-based growth and improving profitability.The company recorded a Gross Transaction Value (GTV) of Rs 8,901 crore, up 12 per cent YoY, driven by strong performance across Europe, MEA, and APAC regions. Adjusted EBITDA before acquisition-related costs stood at Rs 1.04 billion, up 16 per cent YoY, translating into an 18.32 per cent margin compared to 16.56 per cent in Q1 FY26. Profit after tax r..

Northern Graphite, Rain Carbon Secure R&D Grant for Greener Battery Materials

Northern Graphite Corporation and Rain Carbon Canada Inc, a subsidiary of Rain Carbon Inc, have jointly received up to C$860,000 (€530,000) in funding under the Canada–Germany Collaborative Industrial Research and Development Programme to develop sustainable battery anode materials.The two-year, C$2.2 million project aims to transform natural graphite processing by-products into high-performance, battery-grade anode material (BAM). Supported by the National Research Council of Canada Industrial Research Assistance Programme (NRC IRAP) and Germany’s Federal Ministry for Economic Affairs a..

Antony Waste Q2 Revenue Jumps 16%; Subsidiary Wins Rs 3,200 Cr WtE Projects

Antony Waste Handling Cell Limited (AWHCL), a leading player in India’s municipal solid waste management sector, announced a 16 per cent year-on-year increase in total operating revenue to Rs 2.33 billion for Q2 FY26. The growth was driven by higher waste volumes, escalated contracts, and strong operational execution.EBITDA rose 18 per cent to Rs 570 million, with margins steady at 21.6 per cent, while profit after tax stood at Rs 173 million, up 13 per cent YoY. Revenue from Municipal Solid Waste Collection and Transportation (MSW C&T) reached Rs 1.605 billion, and MSW Processing re..