The Competition Commission of India has approved the proposed acquisition of Deutsche Bank's asset management business in India by global fund house Pramerica.
The fair trade regulator, which keeps tabs on unfair business practices across sectors, has approved the acquisition as the deal "may not have an adverse impact" on competition in the country.
"The Competition Commission of India (CCI) approves the acquisition of Deutsche Mutual Fund (MF) by Pramerica MF and acquisition of Deutsche Asset Management Company (AMC) portfolio accounts by Pramerica AMC," it said in a tweet.
Pramerica Asset Managers Pvt Ltd, in August, announced that it will acquire Deutsche Bank's asset management business in India.
The financial details of the deal were, however, not disclosed.
The combined business will enable Pramerica AMC to expand its investment management expertise, distribution platform and product portfolio significantly in India.
Deutsche Asset Management India, which was established in 2003, manages about Rs 25,329 crore as on September 30. The US-based Pramerica entered India's mutual fund business in 2010 and manages assets to the tune of Rs 2,365 crore at the end of the September quarter.
