The Competition Commission of India (CCI) on Tuesday, July 8, approved two acquisition proposals involving leading financial and investment firms — UBS AG and Kedaara Capital — across wealth management and logistics sectors.

The Commission approved the acquisition of various businesses of UBS AG and its affiliates in India by entities under the 360 ONE Group. 

"Commission approves acquisition of certain businesses of UBS AG by 360 ONE entities," the CCI said.

Moreover, UBS AG will subscribe to warrants of 360 ONE WAM, amounting to up to 4.95 per cent of its paid-up share capital.

In another development, the CCI also approved the acquisition of a stake in SmartShift Logistics Solutions, the parent company of logistics platform Porter, by Kedaara Sapphire Holding and Kedaara Capital Fund IV AIF — both investment vehicles of the Kedaara Group.

"CCI approves the acquisition of a certain stake in SmartShift Logistics Solutions Private Limited jointly by Kedaara Sapphire Holding and Kedaara Capital Fund IV AIF," it said

Both approvals are subject to further detailed orders to be issued by the Commission.