India's competition watchdog OKs Altico Capital India-Ares SSG Capital deal

The Competition Commission of India approved Ares SSG Capital Management (Singapore) Pte. Ltd.'s acquisition of nonbanking finance company Altico Capital India Ltd.

The proposed deal relates to the acquisition of Altico Capital India's loan assets by India Special Situations Scheme II, Investment Opportunities V Pte. Ltd. and Assets Care & Reconstruction Enterprise Ltd., according to a Jan. 20 release.

In December 2020, Ares SSG Capital Management (Singapore)'s Hong Kong-based parent, Ares SSG, revised the terms of its 27.5 billion rupees cash bid for the nonbanking finance company.

As of Jan. 20, US$1 was equivalent to 72.96 Indian rupees.