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L&T Finance gets CCI approval for taking over Fidelity MF

No financial details of the deal were provided

May 31, 2012 5:25 IST | India Infoline News Service
On 25th May, the Competition Commission of India (CCI) has approved the proposal of L&T Finance to take over the mutual fund business of Fidelity in India. In March, L&T Finance had said that it will take over the mutual fund business of Fidelity of its India operations. But, no financial details of the deal were provided.
"...the Commission is of the opinion that the proposed combination is not likely to have an appreciable adverse effect on competition in India and therefore, the Commission hereby approves the proposed combination," the CCI said in an order approving the acquisition.
According to CCI, “There is ample choice available to the customers in the selection of mutual funds. Further, the customers can switch from one mutual fund to another without any significant cost... mutual funds business in India is fragmented with existence of many players and significant entry barrier.”
L&T Finance is a part of Mumbai-based engineering company L&T Group and Fidelity Mutual Fund is part of the US-based Fidelity Worldwide Investment.

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