As per CCI, the proposed combination raises no risk of any adverse effect on competition as per Section 6(1) of the Competition Act, and Green Channel approval was given as the involved parties do not have horizontal/vertical overlaps or complementary businesses.
CIFCPL which bought the mutual fund is a microfinance firm part of the Flipkart founder’s portfolio and is run by NBFC Chaitanya Rural Intermediation Development Services (CRIDS). Last month Sachin Basal had invested Rs 750 crore in CRIDS and became the CEO of the NBFC.
Essel Mutual Fund is a part of Subhash Chandra’s Essel group and was launched in 2009 and had total assets under management worth Rs. 1416.41 crore at the closing of the last financial year.