Temasek's arm Ramon gets CCI's approval to acquire stake in Speed JVco

The Competition Commission of India (CCI) on Tuesday said it has cleared Ramon Investments Pte's, an arm of Temasek Holdings, a proposal to acquire a stake in Speed JVco.

Singapore-headquartered Temasek is an investment company. As of March 2024, the sovereign wealth fund owns a Singapore Dollar (SGD) 389 billion portfolio of assets.

"The proposed combination involves the acquisition of a certain stake of the target (Speed JVco) by the acquirer (Ramon Investments Pte Ltd)," CCI said in a release.

Speed JVco, including its affiliates, provides visa outsourcing and related services -- offering visa application and consular services to governments and diplomatic missions.

The company also provides travel-related services, including facilitation of travel itineraries and hotel reservations, facilitation of travel insurance and other ancillary services, such as providing sim cards and forex, among others.

"Commission approves the acquisition of certain stake of Speed JVco S.a r.l. (Target) by Ramon Investments Pte Ltd (Acquirer)," the regulator said.

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.