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Competition Commission of India (CCI) had given approval to cab-aggregator platform Ola. to acquire 6.72 per cent equity stake from ANI Technologies Pvt Ltd, which is a holding company of Ola.
In a tweet today, the regulator said: “@CCI_India approves acquisition of 6.72% shares of ANI Technologies Pvt. Ltd. by Lazarus Holdings Pte. Ltd”
Founders of Ola, Bhavish Aggarwal and Ankit Bhatia sought the approval from the CCI to increase their shares in ANI Technologies. This will be done through Lazarus Holdings, a special purpose vehicle that is being used as an investment holding company. The company is incorporated in Singapore.
“The proposed combination pertains to the indirect acquisition of less than 10% of the share capital of ANI by Mr. Ankit Bhati, Mr. Bhavish Aggarwal and MacRitchie through Lazarus from certain existing shareholders of ANI,” according to a statement filed with CCI.
MacRitchie is an investment holding company and is a wholly-owned subsidiary of Temasek Holdings (Private) Ltd.
The statement further said that the proposed combination, which will be in the digital payment services in India and “does not result in any adverse effect on combination in any market in India.”
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