CCI clears General Atlantic's additional 4.04% stake buy in Acko Tech

Competition Commission of India (CCI) on Wednesday cleared General Atlantic Singapore ACK's proposed acquisition of an additional 4.04 per cent stake in Acko Technology and Services.

General Atlantic Singapore ACK Pte (GASACK) is an investment holding company held by funds or vehicles controlled by US-based private equity firm General Atlantic.

The proposed combination envisages the acquisition of an additional 4.04 per cent shareholding of Acko Technology and Services Private Limited (Acko Tech) by General Atlantic Singapore ACK Pte. Ltd, according to an official release.

"CCI approved the proposed combination subject to compliance of modifications jointly furnished by GASAK and GAP Bermuda, LP under regulation 19(2) of the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011," the release said.

Acko Tech is engaged in the business of providing general (non-life) insurance through its subsidiary Acko General Insurance Ltd.

The deals beyond a certain threshold require approval from CCI, which keeps a tab on anti-competitive practices as well as promotes fair competition in the marketplace.