Competition Commission of India has cleared Sundaram Asset Management Company Ltd''s (SAMC) proposed deal to acquire the asset management business of Principal in India.

The deal involves acquisition of 100 per cent of the issued and paid-up equity share capital of Principal Asset Management Pvt Ltd (PAMPL), Principal Trustee Company Pvt Ltd (PTCPL) and Principal Retirement Advisors Pvt Ltd (PRAPL), as per a combination notice filed with the regulator.

"Commission approves acquisition of Principal Asset Management, Principal Trustee Company & Principal Retirement Advisors by Sundaram Asset Management Company," the watchdog said in a tweet on Tuesday.

As part of the proposed transaction, the schemes of the Principal Mutual Fund (PMF) would be transferred to Sundaram Mutual Fund (SMF) and the trusteeship and management of the PMF schemes shall be transferred to Sundaram Trustee Company Ltd (STCL) and SAMC, respectively.