CCI Clears Multiples GIFT Deal

10 Apr 2025 CW Team

The Competition Commission of India (CCI) has approved the acquisition of shareholding in Vastu Housing Finance, APAC Financial Services, and Quantiphi Inc by Multiples Plenty Private Equity GIFT Fund. The transaction involves transferring stakes from existing Multiples Group entities to the newly created GIFT Fund, structured as a trust under the Indian Trusts Act, 1882. The Multiples GIFT Fund is managed by Multiples Asset Management IFSC LLP and operates as a Restricted Scheme regulated by the International Financial Services Centres Authority (IFSCA). This strategic move is expected to streamline the group’s investment approach under the IFSC framework and boost efficiency in capital deployment.

Vastu focuses on retail lending in housing, MSMEs, and vehicle financing through Vastu Finserve India Private Limited. APAC Financial Services, registered as a Middle Layer NBFC with the RBI, also caters to the credit needs of small businesses.

Quantiphi Inc, headquartered in the U.S., is a prominent AI, machine learning, and data analytics company with a significant presence in India. Its inclusion underlines the fund’s intent to tap into high-growth tech domains. A detailed CCI order will follow.

Infrastructure Energy

25 Jun 2026

Centre Prioritising Energy Security With Coal Gasification

Union minister for Coal and Mines G Kishan Reddy said the Centre is prioritising energy security through a strategic shift to coal gasification and has announced incentives totalling Rs 460 billion (bn) to support the effort. He said more than 35 companies will start coal gasification activities in India within two months and that the government is encouraging firms that bring technology to close the domestic technology gap. The minister described the initiative as aimed at reducing import dependence and developing indigenous capacity. India has the fifth-largest coal reserve in the world, and..

BHEL and Coal India Invest Rs 250 bn in Odisha Gasification

Bharat Heavy Electricals (BHEL) and Coal India (CIL) are jointly investing Rs 250 billion in a coal gasification project in Odisha, with the Prime Minister laying the foundation stone in Jharsuguda. Union Coal and Mines Minister G Kishan Reddy described the initiative as a transformative shift in coal utilisation that will open industrial avenues for the state. The project moves coal beyond conventional power generation to industrial feedstocks. Coal gasification will convert coal into synthesis gas, a versatile feedstock for chemicals, fertilisers and synthetic fuels, and the technology is ex..

BCCL Hands Over Dugdha Coal Washery To JSW Steel

Bharat Coking Coal has handed over the Dugdha Coal Washery to JSW Steel, marking the first coal washery asset monetisation under the Ministry of Coal's asset monetisation programme. The handover took place in the presence of senior officials from Bharat Coking Coal Ltd, JSW Steel and JSW Energy. The washery has a capacity of two million tonnes per annum (mn t per annum), and its transfer is intended to introduce private sector practices into coal beneficiation operations. The monetisation is aimed at modernising coal sector assets, improving operational efficiency and enhancing resource utilis..