On October 7, 2023, the Competition Commission of India (CCI) approved a proposed combination involving Jongsong Investments Pte. Ltd. (Jongsong), Ivanhoe Cambridge Singapore Investments II Pte. Ltd. (IC Singapore), Adamas Asset Holdings Pte. Ltd. (AHPL), RGIP Holdings Pte. Ltd. (RHPL), Vikhroli Holdings Pte. Ltd. (VHPL), Airoli Holdings Pte. Ltd. (AIHPL), Bangalore Asset 2 Pte. Ltd. and Bangalore Asset 3 Pte. Ltd. The proposed combination involves Jongsong acquiring 20% of the equity share capital of each of the Proposed Transaction 1 Targets (AHPL, RHPL, VHPL, and AIHPL) and Proposed Transaction 2 Targets (Bangalore Asset 2 Pte. Ltd. and Bangalore Asset 3 Pte. Ltd.), and IC Singapore acquiring 40% of the equity share capital of Proposed Transaction 2 Targets. Jongsong is an indirect wholly-owned subsidiary of Temasek Holdings (Private) Limited. Temasek Holdings is an investment company incorporated in Singapore. IC Singapore is an entity incorporated in Singapore and is a wholly-owned indirect subsidiary of Ivanhoe Cambridge Inc., which is the real estate subsidiary of Caisse de dépôt et placement du Québec (La Caisse), a Canadian institutional fund manager. The Proposed Transaction 1 Targets are entities incorporated in Singapore primarily engaged in investment holding activities, including in the real estate sector in India. The Proposed Transaction 2 Targets are entities incorporated in Singapore that hold investments in the real estate sector in India. The release ID is 2176034. A detailed order from the Commission will follow.
Key Entities Referenced
Competition Commission of India: The regulator that approved the proposed combination of investments.
Jongsong Investments Pte. Ltd. (Jongsong): An investment holding company involved in the acquisition of equity shares in Transaction 1 and Transaction 2 targets.
Ivanhoe Cambridge Singapore Investments II Pte. Ltd. (IC Singapore): An entity involved in the acquisition of equity share capital of Proposed Transaction 2 Targets.
Proposed Transaction 1 Targets: Entities primarily engaged in investment holding activities, including in the real estate sector in India, targeted for a 20% equity share acquisition.
Proposed Transaction 2 Targets: Entities incorporated in Singapore that hold investments in the real estate sector in India, targeted for acquisition by Jongsong and IC Singapore.
Competition Commission of India
CCI approves the proposed combination involving,
inter alia, Jongsong Investments Pte. Ltd.
(Jongsong), Ivanhoe Cambridge Singapore
Investments II Pte. Ltd. (IC Singapore), Adamas
Asset Holdings Pte. Ltd. (AHPL), RGIP Holdings Pte.
Ltd. (RHPL), Vikhroli Holdings Pte. Ltd. (VHPL),
Airoli Holdings Pte. Ltd. (AIHPL), Bangalore Asset 2
Pte. Ltd. and Bangalore Asset 3 Pte. Ltd.
Posted On: 07 OCT 2025 8:51PM by PIB Delhi
The Competition Commission of India has approved the proposed combination involving, inter alia, Jongsong
Investments Pte. Ltd. (Jongsong), Ivanhoe Cambridge Singapore Investments II Pte. Ltd. (IC Singapore),
Adamas Asset Holdings Pte. Ltd. (AHPL), RGIP Holdings Pte. Ltd. (RHPL), Vikhroli Holdings Pte. Ltd.
(VHPL), Airoli Holdings Pte. Ltd. (AIHPL), Bangalore Asset 2 Pte. Ltd. and Bangalore Asset 3 Pte. Ltd.
The Proposed Combination involves acquisition of: (a) 20% of the equity share capital of each of the
Proposed Transaction 1 Targets (namely AHPL, RHPL, VHPL and AIHPL) and Proposed Transaction 2
Targets (namely Bangalore Asset 2 Pte. Ltd. and Bangalore Asset 3 Pte. Ltd.) by Jongsong; and (b) 40% of
the equity share capital of Proposed Transaction 2 Targets by IC Singapore.
Jongsong is an indirect wholly owned subsidiary of Temasek Holdings (Private) Limited (Temasek
Holdings). Jongsong is a holding company for investments and is not engaged in business activities other
than investment holding.
Temasek Holdings is an investment company incorporated in Singapore. Temasek Holdings’ global portfolio
covers a broad spectrum of industries, including transportation and industrials; financial services;
telecommunications, media & technology; consumer & real estate; life sciences and agri-food; multi-sector
funds; and others (including credit).
IC Singapore is an entity incorporated in Singapore and is a wholly-owned indirect subsidiary of Ivanhoe
Cambridge Inc. (IC Inc.). IC Inc. is the real estate subsidiary of Caisse de dépôt et placement du Québec (La
Caisse), a Canadian institutional fund manager. IC develops and invests in real estate properties, projects, and
companies located in cities across the globe.
The Proposed Transaction 1 Targets are entities incorporated in Singapore that are primarily engaged in
investment holding activities, including in the real estate sector in India.
The Proposed Transaction 2 Targets are entities incorporated in Singapore that hold investments in the real
estate sector in India.
Detailed order of the Commission will follow.
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NB/AD(Release ID: 2176034)