CCI gives clearance for Slice's merger with North-East Small Finance Bank

Fair trade regulator CCI on Tuesday said it has cleared the proposed merger of fintech firm Slice with North-East Small Finance Bank.

North-East Small Finance Bank (NESFB) is a Guwahati-based private sector small finance bank and has branches in the north-eastern states.

The proposed transaction comprises the merger of a financial technology company, Garagepreneurs Internet Pvt Ltd (including Quadrillion Finance Pvt Ltd) and Intergalactory Foundry Pvt Ltd with North-East Small Finance Bank, including RGVN (North-East) Microfinance Ltd, according to a CCI release.

Garagepreneurs Internet Pvt Ltd (GIPL) operates under the brand name 'Slice' and focuses on facilitating payments and credit products through digital means in India.

In another release on Tuesday, Competition Commission of India has approved the proposed acquisition of stake in Asian Institute of Nephrology and Urology (AINU) by TPG Growth V SF Markets Pte and Waverly Pte through Asia Healthcare Holdings Pte Ltd.

Subsequently, TPG Growth V SF Markets Pte Ltd (Growth V) and Waverly Pte Ltd will acquire redeemable preference shares in AHH, as per CCI release.

Asia Healthcare Holdings Pte (AHH) is primarily engaged in long-term investment holding activities and provides healthcare services in India.

AHH is jointly owned and controlled by the TPG Group and Waverly.

Further, the regulator also approved the proposed acquisition of majority shareholding in Asian Institute of Nephrology and Urology Pvt Ltd (AINU) by AHH.

Growth V is an investment fund that is ultimately managed and controlled by TPG Inc. Waverly is a wholly-owned subsidiary of Lathe Investment Pvt Ltd, which is in turn, wholly owned by Singapore's sovereign wealth fund GIC.

AINU focuses on providing healthcare services through hospitals, specialising in urology care, nephrology care, and dialysis and kidney transplant. It has seven hospitals located across Hyderabad (including Secunderabad), Vishakhapatnam, Siliguri, and Chennai.

The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.