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The Competition Commission of India (CCI) has approved Advent International's proposal to acquire a 14.3 per cent stake in Aditya Birla Housing Finance Ltd (ABHFL) through its entity Indriya Ltd, as part of a INR 2,750 crore capital infusion approved earlier this year. Post-transaction, ABHFL is expected to be valued at around INR 19,250 crore. The regulator also cleared additional transactions, including Citrus Investment LLC's marginal stake increase in Hitachi Construction Machinery Co and Indus Infra Trust's acquisition of KNR Constructions road project SPVs. The approvals reflect continued institutional interest in housing finance and infrastructure assets, with regulatory oversight ensuring compliance for transactions exceeding prescribed thresholds.
The Competition Commission of India (CCI) has approved Advent International's proposal to acquire a 14.286 per cent stake in Aditya Birla Housing Finance Ltd (ABHFL) through its investment arm Indriya Ltd, following a capital infusion plan cleared by the company's board in the past months. Advertisement
The transaction involves a preferential issue of equity shares on a private placement basis, resulting in Indriya Ltd holding a 14.286 per cent stake in ABHFL on a fully diluted basis post-issuance. The capital infusion, valued at approximately INR 2,750 crore, had been approved by the boards of Aditya Birla Capital Ltd (ABCL) and ABHFL earlier this year.
Following completion of the transaction, ABHFL is expected to be valued at around INR 19,250 crore. The company operates as a wholly owned subsidiary of ABCL and is engaged in housing finance activities, including home loans, loans against property, construction finance, and lease rental discounting.
The regulator conveyed its approval for the proposed combination, stating that the acquisition structure aligns with applicable competition norms. Under regulatory requirements, transactions exceeding specified thresholds require clearance from the CCI to ensure that market competition is not adversely affected.
Alongside this transaction, the CCI also approved Citrus Investment LLC's acquisition of an additional 0.4 per cent shareholding in Hitachi Construction Machinery Co Ltd, along with sole control of HCJI Holdings K K, a joint venture entity. Citrus functions as an investment vehicle and does not have operational business activities, while Hitachi Construction Machinery is engaged in manufacturing construction equipment and is listed on the Tokyo Stock Exchange.
In a separate approval, the regulator cleared the acquisition of 100 per cent equity shareholding of KNR Special Purpose Vehicles (SPVs) by Indus Infra Trust from KNR Constructions Ltd. The SPVs were established for executing road infrastructure projects under the Hybrid Annuity Model (HAM) in partnership with the National Highways Authority of India.
Indus Infra Trust, a Securities and Exchange Board of India (SEBI)-registered infrastructure investment trust, will assume control of these operational road assets as part of the transaction. The transfer reflects ongoing monetisation of infrastructure assets through InvIT structures, which are increasingly being used by developers to recycle capital.
The approvals highlight sustained transaction activity across housing finance and infrastructure sectors, with private equity participation and asset monetisation continuing to drive deal flow. Regulatory clearance remains a critical step in such transactions, particularly where deal size and market impact fall within the purview of competition law oversight.
The CCI's role in reviewing these deals ensures adherence to fair competition practices while enabling capital inflows into key sectors such as real estate financing and infrastructure development.
Source - PTI
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