Sundaram Asset Management Co-Principal deal gets CCI nod
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Last Updated: Apr 07, 2021, 10:29 AM IST
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Synopsis
Competition Commission of India has cleared Sundaram Asset Management Company Ltd s (SAMC) proposed deal to acquire the asset management business of Principal in India.
ET Online
Competition Commission of India has cleared Sundaram Asset Management Company Ltd s (SAMC) proposed deal to acquire the asset management business of Principal in India. The deal involves acquisition of 100 per cent of the issued and paid-up equity share capital of Principal Asset Management Pvt Ltd (PAMPL), Principal Trustee Company Pvt Ltd (PTCPL) and Principal Retirement Advisors Pvt Ltd (PRAPL), as per a combination notice filed with the regulator.
Sundaram AMC gets CCI nod for Principal acquisition
April 06, 2021
The deal is for buying out Principal AMC for ₹338.53 crore
The Competition Commission of India (CCI) has approved the Sundaram Asset Management Company Ltd’s (SAMC) acquisition of Principal Asset Management, Principal Trustee Company and Principal Retirement Advisors. SAMC, a wholly owned subsidiary of Sundaram Finance, had in January this year announced acquisition of Principal Asset Management business in India for ₹338.53 crore.
Principal Asset Management had assets under management of ₹7,447 crore as of December 2020 with about 90 per cent of this in equity-oriented schemes. “Commission approves acquisition of Principal Asset Management, Principal Trustee Company and Principal Retirement Advisors by Sundaram Asset Management Company,” the CCI said in a tweet.