The Competition Commission of India (CCI) said on Tuesday that it has cleared Ramon Investments Ptej, an arm of Temasek Holdings, to acquire a stake in Speed JVco.
Singapore-headquartered Temasek is an investment company. As of March 2024, the sovereign wealth fund has a portfolio of Singapore Dollar (SGD) 389 billion assets.
“The proposed combination involves the acquisition of a certain stake of the target (SPEED JV) by the acquirer (Rayman Investments Pvt Ltd),” CCI said in a statement.
Speed JVco, along with its affiliates, provides visa outsourcing and related services – providing visa application and consular services to governments and diplomatic missions.
The company also provides travel-related services, including travel itineraries and hotel reservations, travel insurance and other ancillary services, such as providing SIM cards and foreign currency.
“The Commission has approved the acquisition of certain shares of Speed JVco Sa rl (Target) by Ramon Investments Pte Ltd (Acquirer),” the regulator said.
Deals beyond a certain limit require approval from the regulator, which keeps a tab on unfair business practices and promotes fair competition in the market.