CCI Greenlights Temasek's Stake in Speed JVco

The Competition Commission of India has approved Ramon Investments Pte's proposal to acquire a stake in Speed JVco. Ramon Investments, part of Temasek Holdings, aims to expand its investment in the visa outsourcing services sector. Speed JVco offers services to governments and diplomatic missions.

The Competition Commission of India (CCI) has given the nod for Ramon Investments Pte, a branch of Singapore's Temasek Holdings, to acquire a stake in Speed JVco. This decision clears the way for Temasek to further its presence in the visa outsourcing sector.

According to the CCI, the proposed acquisition entails Ramon Investments obtaining a certain stake in the target company, Speed JVco. Speed JVco, along with its affiliates, provides visa application and consular services to various governments and diplomatic missions.

The transaction is subject to CCI's approval due to its size, ensuring that it does not breach fair competition norms in the marketplace. The move comes as part of Temasek's strategy to expand its global portfolio, currently valued at SGD 389 billion as of March 2024.

(With inputs from agencies.)