Fair trade regulator CCI has approved the acquisition of L&T Investment Management Ltd by HSBC Asset Management (India) Pvt Ltd.
''Commission approves acquisition of 100 per cent share capital of L&T Investment Management Ltd (L&T AMC) by HSBC Asset Management (India) Private Limited (HSBC AMC),'' the regulator said in a tweet.
The transaction involves the acquisition by HSBC AMC and its nominees of 100 per cent share capital of L&T AMC from L&T Finance Holdings Ltd and its nominees, a notice filed with the regulator said.
Simultaneously, there will be a change in the sponsorship, trusteeship, management and administration of the L&T Mutual Fund schemes managed by L&T AMC.
The L&T MF schemes will be managed and operated by HSBC AMC, and HSBC Trustee will be appointed as the trustee of the L&T Mutual fund. ''Pursuant to the proposed transaction, the L&T MF will comprise part of and be considered to form an integral part of the HSBC Mutual Fund schemes (HSBC MF),'' it added.
(With inputs from PTI)