Ammudi Asset Management S.A.S. — Combination C-2025/12/1358

Notice under Section 6(2) and 6A of the Competition Act, 2002 given by Amundi Asset Management S.A.S. and ICG Plc

CORAM:

Ms. Ravneet Kaur Chairperson

Mr. Anil Agrawal Member

Ms. Sweta Kakkad Member

Mr. Deepak Anurag Member

Order under Section 31(1) of the Competition Act, 2002

1. On 19th December 2025, the Competition Commission of India (Commission) received a notice (Notice) under Section 6(2) and Section 6A of the Competition Act, 2002 (Act) given by Amundi Asset Management S.A.S. (Acquirer). The Notice was filed pursuant to the execution of a Relationship Agreement, Subscription Agreement, and Master Commercial Agreement, each dated 18th November 2025, entered into between the Acquirer and the ICG Plc (Target) [hereinafter, the Acquirer and the Target are collectively referred to as ‘Parties’].

2. The Proposed Combination envisages the following:

Step 1- On-Market Acquisition: Acquirer has acquired 4.64% of the voting share capital of the Target through an on-market purchase on the London Stock Exchange;

Step 2- Director Right Acquisition: acquisition of a right to nominate a non-executive director on the board of the Target;

Step 3- Share Buyback Tranche(s): a series of buyback transactions to be undertaken by the Target, which will repurchase certain of its ordinary shares in the market through intermediary broker(s);

Step 4- Proposed Subscription: subscription of the non-voting instruments representing up to 5.26% of the Target’s capital. This will be implemented alongside the Target’s Share Buyback Tranche(s).

3. In terms of Regulation 14 of the Competition Commission of India (Combinations) Regulations, 2024, vide letter dated 2nd January 2026, certain information and clarifications were sought from the Acquirer. The Acquirer submitted the response dated 9th January 2026. Since the response was not complete, another letter was issued on 21st January 2026, and the response dated 28th January 2026 was furnished by the Acquirer. The Acquirer also made certain voluntary submissions vide email dated 4th February 2026. In response to the letter dated 21st January 2026, Target became the notifying party by furnishing relevant documents.

4. The Acquirer is a French joint-stock asset management company (AMC), which offers its retail, institutional and corporate clients a range of savings and investment solutions in active and passive management, across traditional and real assets. The Acquirer is listed on the Euronext Paris.

5. The Acquirer is wholly owned by Amundi SA, a listed company on Euronext Paris. Amundi SA is held (directly and indirectly) at 68.67% by Crédit Agricole S.A. (CA), a French listed company on the Euronext Paris, which is the central body of the CA group. The remaining shareholding of Amundi SA is widely held, with no shareholder having any special rights. The CA group is a French multinational banking group based on a cooperative organizational structure. CA is majority held by SAS Rue La Boétie (SAS), which in turn is wholly owned by the French regional banks of CA. SAS is only a holding company for CA and has no market activity or turnover on a stand-alone basis. SAS does not have any other investments.

6. Globally, the CA group is directly and/or indirectly engaged in the provision of retail banking services, asset management services (AMS), wealth management services, specialized financial services, corporate/wholesale banking services, investment banking services, and insurance services. The CA group is engaged in the provision of corporate and investment banking services through Crédit Agricole Corporate and Investment Bank (CACIB) and in India through CACIB India Branches, with office locations at Chennai, New Delhi, and Pune.

7. The Acquirer does not have any direct presence in India. It, however, has a joint venture in India with the State Bank of India (SBI), i.e., SBI Funds Management Limited (SBIFM), in which it indirectly holds 36.40% shareholding. SBIFM, an entity regulated by the Securities and Exchange Board of India, is engaged in the provision of AMS, including mutual fund products, international investor solutions, exchange-traded funds management services, portfolio management services, and operates alternative investment funds (AIFs) in India.

8. The Target is a listed company and is the ultimate holding company of its group. The Target is an alternative AMC, and is engaged across five asset classes, globally, i.e., structured capital solutions to private companies, investments in private equity assets, real assets (debt and equity capital to assets and companies within real estate and infrastructure), debt financing, and investments in primary and secondary credit markets.

9. In India, the Target (indirectly) has a certain investment in Ampin Energy Transition Private Limited, which is engaged in renewable energy solutions.

10. Based on the submission of the Parties, the Commission noted that, in India, the Acquirer, through SBIFM, is present in the provision of AMS, inter alia, through the operation of AIFs, and the Target is engaged through its private equity investments. However, the presence of the Target in the private equity investments in India is insignificant, as it has only one investment.

11. With regard to vertical/complementary overlaps, it is submitted that Chemplast Sanmar Limited (Chemplast), which is an affiliate of the SBIFM, manufactures PVC resin in India, and Gerflor SAS (Gerflor), an affiliate of Target, sells PVC flooring in India. Based on the Parties’ submissions, the Commission observed that the presence of Gerflor in India is insignificant to raise any foreclosure concerns.

12. The Commission decided to leave the delineation of the relevant market open, as it was observed that the Proposed Combination is not likely to cause appreciable adverse effect on competition in any of the plausible relevant market(s) in India.

13. Considering the material on record, including the details provided in the Notice and the assessment of the Proposed Combination based on the factors stated in Section 20(4) of the Act, the Commission is of the opinion that the Proposed Combination is not likely to have appreciable adverse effect on competition in India. Therefore, the Commission approves the Proposed Combination under Section 31(1) of the Act.

14. This order may be revoked if, at any time, the information provided by the Parties is found to be incorrect.

15. The information provided by the Parties shall be treated as confidential in terms of and subject to provisions of Section 57 of the Act.

16. The Secretary is directed to communicate to the Parties accordingly.