**Summary:**
The Competition Commission of India (CCI) has approved the acquisition of a certain equity stake in Quest Global Services Pte. Ltd. (Quest Global Target) by CA Plume Investments (CA Plume Acquirer) and Bequest Inc. (Bequest). CA Plume Acquirer, an investment vehicle established in Mauritius and indirectly controlled by funds managed by The Carlyle Group Inc. (Carlyle), will acquire a portion of the shareholding of Quest Global Target. Carlyle is a global alternative asset manager with investments across global private equity, global credit, and investment solutions. Bequest, a holding entity of Quest Global's co-founder, Chairman, and CEO, Mr. Ajit Aravind Prabhu, is incorporated in the Cayman Islands and its sole purpose is to hold shares of Quest Global Target. Quest Global Target, incorporated and headquartered in Singapore, provides Engineering Research and Development (ERD) services worldwide, including in India. These services include embedded and software engineering, mechanical engineering, silicon engineering, digital engineering, and operations and supply management. The detailed order from the CCI will be released subsequently.
Key Entities Referenced
Competition Commission of India: Regulatory body that approved the acquisition.
Quest Global Services Pte. Ltd.: The target company being acquired.
CA Plume Investments: One of the acquirers of Quest Global Services Pte. Ltd.
Bequest Inc.: One of the acquirers of Quest Global Services Pte. Ltd.
The Carlyle Group Inc.: Global alternative asset manager indirectly controlling the acquirer.
Mauritius: Location where the acquirer, CA Plume Investments, is established.
Singapore: Headquarters of Quest Global Services Pte. Ltd.
Ajit Aravind Prabhu: Co-founder, Chairman and Chief Executive Officer of Quest Global Services Pte. Ltd.
Competition Commission of India
CCI approves acquisition of certain equity stake in
Quest Global Services Pte. Ltd. by the CA Plume
Investments and Bequest Inc.
Posted On: 19 AUG 2025 8:29PM by PIB Delhi
The Competition Commission of India has approved the acquisition of certain equity stake in Quest Global
Services Pte. Ltd. by the CA Plume Investments and Bequest Inc.
The Combination envisages the acquisition of certain shareholding of Quest Global Services Pte. Ltd. (Quest
Global /Target) by the CA Plume Investments (CA Plume /Acquirer) and Bequest Inc. (Bequest).
The Acquirer is an investment vehicle established in Mauritius. It is indirectly controlled by funds managed
by the affiliates of The Carlyle Group Inc. (Carlyle). Carlyle is a global alternative asset manager, which
manages funds that invest globally across three investment disciplines: (i) global private equity (including
corporate private equity, real estate and natural resources funds); (ii) global credit (including liquid credit,
illiquid credit and real assets credit); and (iii) investment solutions (private equity fund of funds program,
which include primary fund, secondary and related co-investment activities).
Bequest, is a holding entity of Target’s co-founder, Chairman and Chief Executive Officer, Mr. Ajit Aravind
Prabhu. Bequest is incorporated in the Cayman Islands and its sole purpose is to hold shares of the Target.
Target is a company incorporated and currently headquartered in Singapore, that is primarily engaged in the
business of providing Engineering Research & Development (ER&D) services worldwide (including India). It
primarily provides the following ER&D services: (a) embedded and software engineering; (b) mechanical
engineering; (c) silicon engineering; (d) digital engineering; and (e) operations and supply management.
Detailed order of the Commission will follow.
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NB/AD
(Release ID: 2158149)