CCI approves Axis Bank’s proposed acquisition of Citibank India’s retail business

New Delhi: The Competition Commission of India (CCI) has approved Axis Bank’s proposed acquisition of Citibank India’s retail business.
The proposed combination involves the proposed slump sale by Citi of an undertaking comprising its consumer banking activities to the Axis Bank on a going concern basis and the proposed slump sale by Citicorp of an undertaking comprising its consumer banking activities to the Axis Bank on a going concern basis, an official statement said.
Axis Bank is a private sector bank listed on BSE Limited and National Stock Exchange of India Limited. Citi is a national banking association organized in the USA.
The CCI has also approved acquisition of a stake in Tata Power Renewable Energy Ltd by Greenforest New Energies Bidco.
The proposed combination relates to internal reorganization of TPREL and acquisition of up to 11.43% of the equity share capital of TPREL by Greenforest.
Greenforest New Energies Bidco Limited (Greenforest) is an investment vehicle indirectly incorporated by BlackRock Alternatives Management, LLC. (BAM) and Mubadala Investment Company PJSC (MIC) for undertaking the Proposed Combination.
Tata Power Renewable Energy Limited (TPREL) is a wholly owned subsidiary of Tata Power Company Limited (TPCL) through which TPCL undertakes its renewable energy business in India.
TPREL’s primary business is generation of power through renewable sources of energy. (UNI)