General Atlantic gets CCI nod for increased Acko Tech stake

The acquisition of an additional stake in Acko Tech by General Atlantic has been approved by the Competition Commission of India (CCI). According to the proposed combination, General Atlantic Singapore ACK (GASACK), an investment holding company held by funds or vehicles controlled by General Atlantic, plans to acquire an additional 4.04% shareholding of Acko Technology and Services (Acko Tech). Acko Tech is involved in the business of offering general (non-life) insurance through its subsidiary, Acko General Insurance (Acko GI). The Commission has granted approval for the proposed combination, provided that GASACK and GAP Bermuda, L.P. comply with the modifications jointly submitted by them under Regulation 19 (2) of the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011. Also read: Rs 2.57 billion order secured by GOCL Corporation from Coal India ICRA forecasts a growth of 5-5.5% in the total power demand for FY24