Explore Business Standard
Don’t miss the latest developments in business and finance.
Competition Commission of India (CCI) on Wednesday cleared General Atlantic Singapore ACK's proposed acquisition of an additional 4.04 per cent stake in Acko Technology and Services. General Atlantic Singapore ACK Pte (GASACK) is an investment holding company held by funds or vehicles controlled by US-based private equity firm General Atlantic. The proposed combination envisages the acquisition of an additional 4.04 per cent shareholding of Acko Technology and Services Private Limited (Acko Tech) by General Atlantic Singapore ACK Pte. Ltd, according to an official release. "CCI approved the proposed combination subject to compliance of modifications jointly furnished by GASAK and GAP Bermuda, LP under regulation 19(2) of the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011," the release said. Acko Tech is engaged in the business of providing general (non-life) insurance through its subsidiary Acko Genera
Lithium-ion battery recycler Lohum on Tuesday said it has joined hands with ACKO to recycle and reuse batteries. The partnership, which is expected to accelerate the adoption of electric vehicles in the country, will help optimise the battery insurance and financing costs for the customers, Lohum said in a statement. The collaboration will benefit EV battery original Equipment Makers (OEMs) that have their products underwritten by the first-tech insurer, the company said. This will, in turn, provide easy access to domestic EV customers, battery OEMs, dealerships, and all ecosystem stakeholders to advanced aftermarket services, Lohum said. "This partnership aligns with our vision of lowering the carbon emissions of EV batteries and building customer-centric solutions across the battery materials supply chain, said Rajat Verma, Founder and CEO of Lohum. Under the partnership, the first-tech insurer will continue to provide performance warranty insurance for EV batteries to multiple