On May 8, 2019, CCI approved the acquisition of 6.5% equity shareholding of PNB Housing Finance Limited (‘Target’) by General Atlantic Singapore HF Pte. Limited (‘GAHF’). CCI also noted that General Atlantic Singapore FII Pte. Limited, an affiliate of GAHF already held 9.9% shareholding in the Target.
GAHF, incorporated in Singapore, is an investment holding company, and its principal business activity comprises investing, holding and disposing of investments in growth companies in Asia. The Target, incorporated in India, is an HFC registered with the NHB. It is, inter alia, engaged in the business of providing housing and non-housing loans to individuals and corporates against mortgage of immovable properties.
In its assessment, CCI observed the absence of any competition and buyer-supplier relationship between the products and services of GAHF and the Target. Further, CCI noted the presence of other established players in the business of providing housing and non-housing loans market (i.e., the business activity in which the Target was engaged). Accordingly, CCI noted that no competition concerns in India were likely to be raised due to the proposed combination, and approved the transaction.