Fair trade regulator CCI has given its nod to the proposed acquisition of stake in IT firm UST Holdings by Singapore-based investment company Temasek's subsidiary MacRitchie Investments.
In a tweet, late last night, the Competition Commission of India (CCI) said it has approved "acquisition of 21.3 per cent stake in UST Holdings Ltd by MacRitchie Investments Pte Ltd."
Deals beyond a certain threshold require clearance of the fair trade regulator.
According to a notice submitted to CCI by MacRitchie Investments, the proposed transaction relates to acquisition of shares of UST by MacRitchie.
"The proposed transaction relates to the market for IT-BPM services in India," the notice said.
An indirect wholly owned subsidiary of Temasek Holdings, MacRitchie is an investment holding company.
UST (along with its subsidiaries) specialises in providing information technology (IT) services, including software development and support services worldwide as well as in India.
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