New Delhi, Mar 11 (IANS): The Competition Commission of India (CCI) has approved 100 per cent share capital acquisition of L&T Investment Management by HSBC Asset Management.

"The proposed combination relates to acquisition of 100 per cent equity share capital of L&T AMC by HSBC AMC from L&T Finance Holdings (L&T sponsor or seller) and its nominees," the CCI said.

"The acquisition of equity shares of the 'Target' falls under Section 5(a) of the Competition Act, 2002," it added.

At present, HSBC AMC is the asset management entity for operating the day-to-day functioning of HSBC Mutual Fund schemes. It is responsible for managing investments of money pooled-in through investments in HSBC MF.

HSBC AMC is a wholly-owned indirect subsidiary of HSBC Holdings PLC (HSBC Group) and belongs to the HSBC Group of companies.

On the other hand, L&T AMC is the asset management entity for operating the day-to-day functioning of L&T Mutual Fund schemes.

It is responsible for managing the investment of money pooled-in through investments made in L&T MF. L&T AMC is a wholly-owned subsidiary of L&T Sponsor.