CCI approves Sundaram ASM's 100% stake acquisition in Principal Asset Management
Published: Apr 06, 2021
By TIOLCORPLAWS News Service
NEW DELHI, APR 6, 2021: THE Competition Commission of India (CCI) on Tuesday said it has approved Sundaram Asset Management Company's (SAMC) acquisition of 100 per cent issued and paid-up equity share capital in Principal Asset Management (PAM) and its related companies.
SAMC had notified the fairtrade regulator of the transaction, which included PAM, Principal Trustee Company and Principal Retirement Advisors, valued at Rs. 338.5 crore, in February.
As part of the proposed combination, the schemes of the Principal Mutual Fund (PMF) shall be transferred to Sundaram Mutual Fund (SMF), while the trusteeship and management of the PMF schemes shall be transferred to Sundaram Trustee Company (STCL) and SAMC, respectively.
SAMC is a public limited company incorporated in India in 1996, and a wholly-owned subsidiary of Sundaram Finance.
PAMP is engaged in the business of providing asset management services to PMF and operating and managing the PMF schemes. PTCPL is engaged in the business of providing trusteeship services to the PMF. PRAPL provides long-term investment and retirement planning , along with insurance products and policies, and distributes mutual funds.