The Competition Commission of India (CCI) approves General Atlantic’s acquisition of an additional stake in Acko Tech.
The proposed combination involves the acquisition of an additional 4.04% stake in Acko Technology and Services Private Limited (Acko Tech) of General Atlantic Singapore ACK Pte. Ltd. (GAS BAG).
GASACK, an investment holding company, is held by funds or vehicles controlled by General Atlantic.
Acko Tech is engaged in the business of providing general (non-life) insurance through its subsidiary, Acko General Insurance Limited (Acko GI).
The Commission has approved the proposed combination subject to compliance with amendments jointly provided by GASAK and GAP Bermuda, LP pursuant to Regulation 19(2) of the Rules of the Competition Commission of India (Procedure in Commercial Transactions Related to Combinations) , 2011.
A detailed order from the ICC will follow.