{"id":270986,"date":"2022-08-01T18:30:43","date_gmt":"2022-08-01T13:00:43","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=270986"},"modified":"2022-08-01T17:15:06","modified_gmt":"2022-08-01T11:45:06","slug":"khaitan-co-obtains-ccis-unconditional-approval-for-citibanks-consumer-business-acquisition-by-axis-bank-ltd","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/01\/khaitan-co-obtains-ccis-unconditional-approval-for-citibanks-consumer-business-acquisition-by-axis-bank-ltd\/","title":{"rendered":"Khaitan & Co obtains CCI’s unconditional approval for Citibank\u2019s Consumer Business acquisition by Axis Bank Ltd"},"content":{"rendered":"

Axis Bank Limited – Competition Commission of India’s unconditional approval for acquisition of Citibank\u2019s Consumer Business.<\/p>\n

Khaitan & Co Competition\/ Antitrust team successfully obtained the Competition Commission of India’s unconditional approval for the transaction in record time. This is one of the largest deals in India’s financial services space, and a large number of complex overlaps (>10) in the business activities of the parties involved in the transaction.<\/p>\n\n\n\n\n\n\n<\/colgroup>\n\n\n\n
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Axis Bank Limited | Competition Commission of India’s unconditional approval for acquisition of Citibank’s Consumer Business<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n

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NO<\/p>\n<\/td>\n

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HEADINGS<\/p>\n<\/td>\n

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DETAILS<\/p>\n<\/td>\n<\/tr>\n

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1.<\/p>\n<\/td>\n

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Sector<\/p>\n<\/td>\n

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Banking and Finance<\/p>\n<\/td>\n<\/tr>\n

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2.<\/p>\n<\/td>\n

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Announcement Date<\/p>\n<\/td>\n

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30-Mar-2022<\/p>\n<\/td>\n<\/tr>\n

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3.<\/p>\n<\/td>\n

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Completion Date<\/p>\n<\/td>\n

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26-Jul-2022<\/p>\n<\/td>\n<\/tr>\n

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4.<\/p>\n<\/td>\n

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Name of Client<\/p>\n<\/td>\n

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Axis Bank Limited<\/p>\n<\/td>\n<\/tr>\n

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5.<\/p>\n<\/td>\n

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Name and Description of Acquirer \/ Bidder \/ Investor<\/p>\n<\/td>\n

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Axis Bank Limited<\/p>\n<\/td>\n<\/tr>\n

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6.<\/p>\n<\/td>\n

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Name and Description of Target \/ Seller \/ Investee<\/p>\n<\/td>\n

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Citibank, N.A. and Citicorp Finance (India) Limited<\/p>\n<\/td>\n<\/tr>\n

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7.<\/p>\n<\/td>\n

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Deal Description<\/p>\n<\/td>\n

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The transaction comprises the sale of the consumer businesses of Citibank India to Axis Bank Limited. The deal also includes the sale of the consumer business of Citi’s non-banking financial company, Citicorp Finance (India) Limited<\/span>.<\/p>\n<\/td>\n<\/tr>\n

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8.<\/p>\n<\/td>\n

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Total Consideration<\/p>\n<\/td>\n

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USD 1.6 Billion<\/p>\n<\/td>\n<\/tr>\n

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9.<\/p>\n<\/td>\n

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Team Members<\/p>\n<\/td>\n

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The core team consisted of Sagardeep Rathi (Partner), Swati Bala (Principal Associate), Alisha Mehra (Senior Associate), Nilav Banerjee (Associate) and Armaan Gupta (Associate)<\/span>.<\/p>\n<\/td>\n<\/tr>\n

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10.<\/p>\n<\/td>\n

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Role of Firm<\/p>\n<\/td>\n

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KCAT successfully obtained the Competition Commission of India’s unconditional approval for the transaction in record time. The team expertly navigated numerous business overlaps and was successful in obtaining the CCI’s approval through the simpler Form-I<\/span>, without requiring a detailed investigation.<\/span><\/p>\n<\/td>\n<\/tr>\n

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12.<\/p>\n<\/td>\n

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Unique Feature of Transaction<\/p>\n<\/td>\n

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One of the largest deals in India’s financial services space, and a large number of complex overlaps (>10) in the business activities of the parties involved in the transaction.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Axis Bank Limited – Competition Commission of India’s unconditional approval for acquisition of Citibank\u2019s Consumer Business. Khaitan & Co Competition\/ Antitrust team <\/p>\n","protected":false},"author":8808,"featured_media":270996,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45282,2],"tags":[15971,44901,2505,50637,50636],"class_list":["post-270986","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-law-firms-news","category-news","tag-acquisition","tag-axis-bank-limited","tag-Competition_Commission_of_India","tag-consumer-business","tag-unconditional-approval"],"yoast_head":"\nKhaitan & Co obtains CCI's unconditional approval for Citibank\u2019s Consumer Business acquisition by Axis Bank Ltd | SCC Times<\/title>\n<meta name=\"description\" content=\"Axis Bank Limited | Competition Commission of India's unconditional approval for acquisition of Citibank's Consumer Business\" \/>\n<meta name=\"robots\" content=\"index, follow, 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Axis Bank Limited provides services in retail banking, which includes retail lending and retail deposits, wholesale banking, payment solutions, wealth management, forex\u2026","rel":"","context":"In "Hot Off The Press"","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":263309,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/03\/08\/khaitan-co-spearheaded-and-assisted-crompton-greaves-consumer-electricals-ltd-in-acquisition-of-up-to-55-shareholding-of-butterfly-gandhimathi-appliances\/","url_meta":{"origin":270986,"position":3},"title":"Khaitan & Co spearheaded and assisted Crompton Greaves Consumer Electricals Ltd in acquisition of up to 55% shareholding of Butterfly Gandhimathi Appliances","author":"Bhumika Indulia","date":"March 8, 2022","format":false,"excerpt":"Crompton Greaves Consumer Electricals Limited | Acquisition of up to 55% of the shareholding of Butterfly Gandhimathi Appliances \u00a0 NO HEADINGS DETAILS 1. Sector \u00a0Consumer Durables 2. Announcement Date 22-Feb-2022 (Signing date) 3. Completion Date 4. Name of Client Crompton Greaves Consumer Electricals Limited 5. Acquirer Details Crompton Greaves Consumer\u2026","rel":"","context":"In "Law Firms News"","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-67.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-67.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-67.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-67.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-67.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":256094,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/10\/27\/cci-gives-approval-for-acquisition-of-shareholding-in-hdfc-ergo-general-insurance-co-ltd\/","url_meta":{"origin":270986,"position":4},"title":"Mergers & Acquisitions (M&A) | CCI gives approval for acquisition of shareholding in HDFC Ergo General Insurance Co. Ltd. by HDFC Bank Ltd.","author":"Bhumika Indulia","date":"October 27, 2021","format":false,"excerpt":"Acquisition approval by Competition Commission of India\u00a0 The Competition Commission of India (CCI) approves acquisition by HDFC Bank Limited (Acquirer) of shareholding in HDFC ERGO General Insurance Company Limited (Target) under Section 31(1) of the Competition Act, 2002. The Proposed Combination involves acquisition of 4.99% of the outstanding equity share\u2026","rel":"","context":"In "Business News"","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/10\/MicrosoftTeams-image-2.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/10\/MicrosoftTeams-image-2.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/10\/MicrosoftTeams-image-2.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/10\/MicrosoftTeams-image-2.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/10\/MicrosoftTeams-image-2.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":319327,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/04\/03\/cci-approves-axis-bank-equity-max-life-insurance\/","url_meta":{"origin":270986,"position":5},"title":"CCI approves Axis Bank\u2019s subscription to 14.26 Crores equity in Max Life Insurance","author":"Editor","date":"April 3, 2024","format":false,"excerpt":"The fair trade watchdog, Competition Commission of India, approved the subscription of 16.22 per cent equity shares of Max Life Insurance Company by Axis Bank Limited on 02-04-2024. The news of the transaction involving Axis Bank\u2019s stake in the private life insurer\u2019s company was first revealed by the insurer in\u2026","rel":"","context":"In "Hot Off The Press"","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"Axis Bank's equity in Max Life Insurance","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/04\/Axis-Banks-equity-in-Max-Life-Insurance.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/04\/Axis-Banks-equity-in-Max-Life-Insurance.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/04\/Axis-Banks-equity-in-Max-Life-Insurance.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/04\/Axis-Banks-equity-in-Max-Life-Insurance.webp?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/270986","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=270986"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/270986\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/270996"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=270986"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=270986"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=270986"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}