New Delhi: Fair trade regulator CCI on Tuesday approved proposals of tech tycoon Premji Invest, Manipal Group Chief Ranjan Pai's family office and 360 ONE Asset to acquire stakes in domestic carrier Akasa Air's parent company SNV Aviation. SNV Aviation Pvt Ltd, which operates Akasa Air, is engaged in air passenger and cargo transport services.
"The proposed combination involves the acquisition of a certain shareholding in Akasa Air by PIOF, PI Executives, Claypond, and 360 Fund, acting through its investment manager, 360 ONE Alternates Asset Management Ltd," the Competition Commission of India (CCI) said in a release.
PIOF is a Sebi-registered alternative investment fund owned and controlled by Premji Invest, while Claypond is an arm of the Pai family group.
"Commission approves the acquisition of certain shareholding in SNV Aviation Private Limited (Akasa Air) by PI Opportunities Fund-I Scheme-II (PIOF), certain executives of PIOF, Claypond Capital Partners Private Limited (Claypond), and 360 ONE Private Equity Fund (360 Fund), through its various schemes and affiliates," it added.
The 360 fund is a Sebi-registered AIF. The fund is managed by leading asset management firm 360 ONE Asset.
In February this year, Akasa Air said it had entered into a pact with a consortium of marquee investors, including Azim Premji's global investment arm and the investment office of Manipal Group Chief Ranjan Pai, for a fresh capital infusion to fuel the airline's ambitious growth plans.
Besides, the Jhunjhunwala family, which currently holds a 45.97 per cent stake in the airline, has also "committed" additional funding.
Akasa Chief Executive Officer Vinay Dube is also one of the founders of the entity with a 16.13 per cent stake. His brothers Sanjay and Niraj have 7.59 per cent shares each in the carrier, while Madhav Bhatkuly owns 9.41 per cent of the airline and PAR Capital Ventures LLC 6.37 per cent.
After the CCI's clearance, the existing shareholder interest will come down after coming on board the new shareholders.
The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices and promotes fair competition in the marketplace.
"The proposed combination involves the acquisition of a certain shareholding in Akasa Air by PIOF, PI Executives, Claypond, and 360 Fund, acting through its investment manager, 360 ONE Alternates Asset Management Ltd," the Competition Commission of India (CCI) said in a release.
PIOF is a Sebi-registered alternative investment fund owned and controlled by Premji Invest, while Claypond is an arm of the Pai family group.
"Commission approves the acquisition of certain shareholding in SNV Aviation Private Limited (Akasa Air) by PI Opportunities Fund-I Scheme-II (PIOF), certain executives of PIOF, Claypond Capital Partners Private Limited (Claypond), and 360 ONE Private Equity Fund (360 Fund), through its various schemes and affiliates," it added.
The 360 fund is a Sebi-registered AIF. The fund is managed by leading asset management firm 360 ONE Asset.
In February this year, Akasa Air said it had entered into a pact with a consortium of marquee investors, including Azim Premji's global investment arm and the investment office of Manipal Group Chief Ranjan Pai, for a fresh capital infusion to fuel the airline's ambitious growth plans.
Besides, the Jhunjhunwala family, which currently holds a 45.97 per cent stake in the airline, has also "committed" additional funding.
Akasa Chief Executive Officer Vinay Dube is also one of the founders of the entity with a 16.13 per cent stake. His brothers Sanjay and Niraj have 7.59 per cent shares each in the carrier, while Madhav Bhatkuly owns 9.41 per cent of the airline and PAR Capital Ventures LLC 6.37 per cent.
After the CCI's clearance, the existing shareholder interest will come down after coming on board the new shareholders.
The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices and promotes fair competition in the marketplace.
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