The Competition Commission of India (CCI) on Wednesday approved the proposed acquisition of certain shares in Shriram Finance Limited by Japan based-MUFG Bank Ltd.
MUFG Bank Ltd is wholly owned and controlled by Mitsubishi UFJ Financial Group, Inc., a financial services and holding company incorporated in Tokyo. In India, the bank provides corporate banking loans, deposit accounts, remittances, trade finance, bank guarantees, and hedging services.
Shriram Finance Limited is a publicly listed non-banking financial company registered with the Reserve Bank of India and classified as an Investment and credit company, categorized as an “NBFC-Upper Layer”. It is primarily engaged in financing commercial goods and passenger vehicles, construction and farm equipment, MSMEs, two-wheelers, gold and personal loans.
The Commission stated that the detailed order will follow.