Mumbai, April 10 -- The Competition Commission of India (CCI) has approved the acquisition of shareholding in Vastu Housing Finance, APAC Financial Services, and Quantiphi Inc by Multiples Plenty Private Equity GIFT Fund. The transaction involves transferring stakes from existing Multiples Group entities to the newly created GIFT Fund, structured as a trust under the Indian Trusts Act, 1882. The Multiples GIFT Fund is managed by Multiples Asset Management IFSC LLP and operates as a Restricted Scheme regulated by the International Financial Services Centres Authority (IFSCA). This strategic move is expected to streamline the group's investment approach under the IFSC framework and boost efficiency in capital deployment.
Vastu focuses on retail lending in housing, MSMEs, and vehicle financing through Vastu Finserve India Private Limited. APAC Financial Services, registered as a Middle Layer NBFC with the RBI, also caters to the credit needs of small businesses.
Quantiphi Inc, headquartered in the U.S., is a prominent AI, machine learning, and data analytics company with a significant presence in India. Its inclusion underlines the fund's intent to tap into high-growth tech domains. A detailed CCI order will follow.
Published by HT Digital Content Services with permission from Construction World.