The Competition Commission of India (“CCI”), vide Press Release No. 84/2025-26,[1] dated November 25, 2025, has approved a proposed combination involving the acquisition of specific investment management and advisory businesses of ICICI Venture Funds Management Company Limited (“Seller”) by ICICI Prudential Asset Management Company Limited (“Acquirer”).
Overview of the Proposed Transaction
(a) The transaction involves the transfer of certain identified businesses from the Seller to the Acquirer. It is structured to consolidate specific fund management and advisory functions under the Acquirer. Acquirer is engaged in multiple investment management activities, including:
- Managing mutual funds,
- Providing portfolio management services,
- Managing alternative investment funds (AIFs), and
- Offering investment advisory services to offshore clients.
(b) The Acquirer is a joint venture between ICICI Bank Limited, and Prudential Corporation Holdings Limited (PCHL), a wholly owned subsidiary of Prudential Plc.
Description of the Business of the Parties
(a) Investment Management (IM) Business: for the purpose of managing or sponsoring 5 (five) specific SEBI-registered AIFs, and giving non-binding, non-exclusive advice to a particular offshore investment fund.
(b) Advisory Business: for providing non-binding, non-exclusive investment advice and recommendations on private equity investments in India, under an existing advisory agreement.
Regulatory Outcome
CCI has approved the transaction, enabling the Acquirer to assume control of these identified investment management and advisory activities from the Seller.
[1] https://www.cci.gov.in/media-gallery/press-release/details/592/0