Competition Commission of India (CCI) has approved the Canadian investment holding company Fairfax’s proposed acquisition of 26% stake in IIFL Holdings.
The fair trade regulator in a tweet said it has approved "acquisition of up to 26% of equity shares of IIFL Holdings Ltd by Fairfax".
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In July 2015, Fairfax India’s wholly-owned subsidiary, FIH Mauritius Investments together with certain of its affiliates agreed to buy 26% stake in IIFL Holdings for INR16.21bn ($255m).
IIFL is into non-banking finance, housing finance, wealth management, broking, investment banking and insurance distribution.
Fairfax India’s parent Fairfax Financial already holds about 8.97% of IIFL, and has an economic interest of another 5.24% through derivative instruments.
IIFL reported INR22.2bn in revenue and INR4.8bn in earnings for its fiscal year ended 31 March 2015. It operates businesses in non-banking finance, housing finance, wealth management, broking, investment banking and insurance distribution.
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