CCI approves acquisition of stake in IIFL Home indirectly by ADIA Group

The Competition Commission of India (CCI) has approved the acquisition of a stake in IIFL Home indirectly by Abu Dhabi Investment Authority (ADIA).

The proposed transaction relates to the acquisition of up to a 20 percent stake in IIFL Home Finance by Platinum Owl C 2018 RSC Ltd, a trustee acting for Platinum Jasmine Trust. ADIA is the sole beneficiary and settlor of the Platinum Jasmine Trust.

In a tweet on Friday, the CCI said it has approved the ''acquisition of a stake in IIFL Home indirectly by ADIA Group''.

In June, IIFL Home Finance, a subsidiary of IIFL Finance Ltd, had entered into definitive agreements for raising Rs 2,200 crore of primary capital for a 20 percent stake from a wholly-owned subsidiary of ADIA.

IIFL Home is a housing finance company and is a wholly-owned subsidiary of IIFL Finance Limited.

Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices in the marketplace.