The Competition Commission today approved acquisition of nearly 15 per cent stake in foreign exchange services provider Centrum Direct by NYLIM Jacob Ballas India Holdings IV and Jacob Ballas Capital India.
In a tweet, the Competition Commission of India (CCI) said it has approved "acquisition of 14.89 per cent shareholding in Centrum Direct Ltd by NYLIM Jacob Ballas and Jacob Ballas Capital India Pvt Ltd".
As per the notice submitted to the regulator, the combination is being undertaken by way of an investment agreement executed on January 31. The pact was between Holdings IV, Jacob Ballas, Centrum Retail Services Ltd, Centrum Capital and Centrum Direct.
NYLIM Jacob Ballas India Holdings IV and Jacob Ballas Capital India "propose to jointly acquire a certain minority percentage of shareholding in Centrum", according to the notice.
Owned by New York Life Insurance Company (NYLIM), Holdings IV is a Mauritius-based investment holding company that focuses on long-term capital appreciation primarily through equity or related investments in companies that are based in or have significant operations in India.
Jacob Ballas is an investment advisory firm in which NYLIC has minority shareholding.
Centrum is wholly-owned subsidiary of Centrum Retail and offers foreign exchange services in India through its network of 78 branches in 50 cities and at 18 airports.
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