CCI Approves Acquisition of Certain Shareholding in Prestige Hospitality Ventures by CPP Investment Board

The Competition Commission of India (CCI) has approved the acquisition of certain shareholding in Prestige Hospitality Ventures Limited by CPP Investment Board Private Holdings (4) Inc.

Acquisition by CPP Investment Board entity

The proposed combination involves the acquisition of certain shareholding in Prestige Hospitality Ventures Limited (Target) by CPP Investment Board Private Holdings (4) Inc. (Acquirer).

The Acquirer is incorporated in Canada and is managed by the Canada Pension Plan Investment Board (CPPIB), a professional investment management organisation that manages the Canada Pension Plan Fund.

Investment activities of Acquirer

According to the CCI, CPPIB makes investments globally as part of its objective of building a diversified portfolio of assets. Its investments span public equities, private equities, real estate, infrastructure, fixed income and alternative strategies, including investments made in partnership with funds.

Prestige Hospitality Ventures' business

Prestige Hospitality Ventures Limited is a public limited company incorporated in India and forms part of the Prestige Group.

The Target is primarily engaged in owning and developing luxury, upper upscale, upscale and upper midscale hospitality assets in India. Its portfolio includes operating, ongoing and upcoming hotels and serviced apartments catering to business and leisure travellers.