Fair-trade regulator CCI on Thursday said it has approved the acquisition of SREI Infrastructure Finance Ltd. by National Asset Reconstruction Company Ltd. and India Debt Resolution Company Ltd.
The deal has been cleared under the green channel route.
National Asset Reconstruction Company is an asset reconstruction company, while India Debt Resolution Company provides debt management services to NARCL. Both entities are backed by the government of India.
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The proposed transaction involves the acquisition of a majority of equity share capital of the Srei Infrastructure Finance by NARCL and IDRCL, according to a CCI notice.
NARCL has submitted a resolution plan in relation to the corporate insolvency resolution process of SIFL and its wholly-owned subsidiary, SREI Equipment Finance Ltd.
Thereafter, NARCL's resolution plan was approved by the Committee of Creditors of the SIFL on Feb. 14, the notice said.
The Competition Commission of India has cleared the deal.
SIFL and its subsidiaries are engaged in providing financing and leasing for the procurement of infrastructure equipment, financial advisory services, insurance broking services, and merchant banking services.
"Given that there are no horizontal overlaps or vertical or complementary linkages between the activities of the parties, the proposed transaction is being notified under the green channel," CCI said.
Under the green channel route, wherein a transaction that does not raise any appreciable risk of an adverse effect on competition, is deemed to be approved upon being intimated to the anti-trust regulator.
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