cci clears indiabulls-groww deal: indiabulls housing gets cci approval to sell its mutual fund
- Indiabulls Housing Finance gets approval to sell mutual fund business
- The company had made a firm agreement to sell it for Rs 175 crore.
- Bangalore-based Groww is buying Indiabulls Finance’s mutual fund business
- The company has more than 15 million users in more than 900 cities of the country.
Indiabulls Housing Finance Ltd has received approval from the Competition Commission of India (CCI) to sell its mutual fund business to Groww for Rs 175 crore. Indiabulls Asset Management Company Limited (IAMCL) and Indiabulls Trustee Company Limited (ITCL), Indiabulls’ owned subsidiary companies, entered into a definitive agreement for sale of mutual fund business with Nextbillion Technology (Grove) in May this year.
“On this agreement, the Competition Commission of India has approved the deal in a communication dated 9 September 2021,” IBHFL said in a regulatory notice. The company has said that the objective behind the sale of the mutual fund business is to focus on its company’s retail real estate asset management business. Mutual funds are not his main business area.
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When did Grow’s business start?
Grow started its financial services business in May 2016. The Bengaluru-headquartered company is backed by investors such as Tiger Global, Sequoia Capital India, Y Combinator and Ribbit Capital. The company serves more than 15 million users in more than 900 cities of India.
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