Competition Commission clears CDC Group's stake buy in IIFL

British major CDC Group's deal to acquire more than 15 per cent stake in India Infoline Finance (IIFL) has been approved by the Competition Commission of India (CCI).

As part of efforts to expand its non-banking finance business, IIFL Group, in July, roped in CDC Group. Under the deal, the British government fund would pump in Rs 1,000 crore for a 15 per cent stake in IIFL.

In a tweet, the CCI said, "It has approved acquisition of upto 15.45 per cent stake in IIFL by CDC Group Plc."

IIFL is a wholly-owned subsidiary of IIFL Holdings while CDC Group is owned by the UK government. The group provides capital to private sector entrepreneurs in the developing countries.

Meanwhile, the regulator has given its nod for two other transactions.

"The swap of CHC and AH business between Sanofi and Boehringer Ingelheim International GmbH, has been approved," the CCI said in another tweet.

According to the deal, Sanofi would acquire Boehringer Ingelheim's global consumer healthcare business in exchange for the sale of its global animal health business to Boehringer Ingelheim. It excludes the consumer healthcare business in mainland China.

Both the companies having presence in India are engaged in the business of healthcare products.

Separately, the regulator said it has approved the merger of FMC and Technip.

According to the deal, FMC Technologies and Technip would merge to create an oil services firm. The combined company would have an equity value of $13 billion, said a release issued by Technip in May.