FCC

CCI approves acquisition of stake in IIFL Home

2022-08-17

The Competition Commission of India (CCI) approves acquisition of stake in IIFL Home indirectly by ADIA Group.

Platinum Owl is a private limited company, incorporated in the Abu Dhabi Global Market (ADGM). Platinum Owl is acting in its capacity as trustee for Platinum Jasmine Trust, which was established under the laws of the ADGM.

Abu Dhabi Investment Authority (ADIA) is the sole beneficiary and settlor of the Platinum Jasmine Trust. ADIA is a public institution established as an independent investment institution by the Emirate of Abu Dhabi. ADIA manages a global investment portfolio across multiple asset classes and sub-categories including developed equities, emerging market equities, small cap equities, government bonds, credit, fixed income, real estate, infrastructure, private equity, cash and alternatives.

IIFL Home is a housing finance company registered with the National Housing Bank. It is a wholly-owned subsidiary of IIFL Finance. IIFL Home is engaged in providing loans for purchase, construction and renovation of homes; small and medium enterprise secured loans for business; and construction finance loans to builders and developers engaged in construction of affordable homes.

Detailed order of the CCI will follow.

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