The Competition Commission of India (CCI) said it has approved the acquisition of additional stake in Acko Tech by General Atlantic.
The proposed combination envisages acquisition of an additional 4.04 per cent shareholding of Acko Technology and Services (Acko Tech) by General Atlantic Singapore ACK Pte. Ltd. (GASACK).
GASACK, an investment holding company, is held by funds or vehicles controlled by General Atlantic.
Acko Tech is engaged in the business of providing general (non-life) insurance through its subsidiary, Acko General Insurance Ltd (Acko GI).
The Commission approved the proposed combination subject to compliance of modifications jointly furnished by GASAK and GAP Bermuda, L.P. under Regulation 19(2) of the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011.
MANIPAL HEALTH
Meanwhile, CCI has also approved the proposed combination involving Manipal Health Enterprises Pvt Ltd and Manipal Education and Medical Group India Pvt Ltd.