CCI Clears MUFG Bank's Proposed Stake Purchase in Shriram Finance

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.