Key facts
- The CCI has approved the acquisition of PGIM India Asset Management by TVS Group entities.
- The CCI has also approved Temasek's investment in Romsons Group.
- TVS Group entities TVS Emerald Ltd and TVS Venu Management and Consultancy Services Pvt Ltd will acquire PGIM India Asset Management and PGIM India Trustees Pvt Ltd.
- Temasek's investment in Romsons Group is through its indirect wholly-owned subsidiary Jongsong Investments Pte Ltd.
- PGIM India Asset Management manages mutual funds, portfolio management services, alternative investment funds, and investment advisory services.
- Romsons Group is involved in the manufacturing and sale of medical devices and personal care products.
India's Competition Commission (CCI) has given its approval for two significant corporate transactions. The fair trade regulator cleared the acquisition of PGIM India Asset Management Pvt Ltd and PGIM India Trustees Pvt Ltd by TVS Group entities, TVS Emerald Ltd and TVS Venu Management and Consultancy Services Pvt Ltd.
PGIM India Asset Management, which manages over Rs 30,000 crore in assets as of December 31, offers wealth management services including mutual funds, portfolio management services, alternative investment funds, and investment advisory services. It managed 25 open-ended mutual funds as of March.
In a separate development, the CCI also approved Singapore-based Temasek's proposal to invest in medical devices manufacturer Romsons Group. The transaction involves an internal restructuring by Romsons Group Pvt Ltd and the subscription to convertible preference shares and acquisition of equity share capital by Jongsong Investments Pte Ltd, an indirect wholly-owned subsidiary of Temasek Holdings Pvt Ltd. Romsons Group is engaged in the manufacturing and sale of medical devices, as well as personal care and hygiene products.