The Competition Commission of India (CCI) has given its nod for Nextbillion Technology Private Ltd, the company that owns online platform Groww, to acquire 100 per cent shareholding in Indiabulls Asset Management Company Ltd (IAMCL) and Indiabulls TrusteeCompany Ltd. (ITCL).

In May, Nextbillion Technology Private had entered into a deal with the fund house to buy out the entire stake for ₹175 crore.

The proposed transaction will mark the entry of Nextbillion Technology (Groww) in asset management space of managing mutual fund schemes. Prior to this transaction, the acquirer did not own and manage any asset management business.

Registered distributor

Nextbillion Technology is a stockbroker and depository participant. It is also registered with Association of Mutual Funds in India as a mutual funds distributor. It is engaged in providing an online platform named Groww that allows investors to invest in mutual funds and stocks.

Indiabulls AMC is a subsidiary of Indiabulls Housing Finance.

CCI nod for ONGC Tripura

Meanwhile, the CCI has also approved the acquisition of 26 per cent equity stake in ONGC Tripura Power Company by GAIL (India). The competition watchdog also approved the acquisition of Inflow Technologies by Savex Technologies.