Non-banking finance company Shriram Transport Finance on Tuesday said that it has received an approval from the Competition Commission of India for its merger with Shriram City Union Finance Company.
The approval from CCI came on August 1, a company release said.
The Chennai-based diversified financial services company Shriram Group, in December last year, had announced the merger of Shriram Capital Ltd. and Shriram City Union Finance Ltd. with Shriram Transport Finance Ltd.
"With this approval, we have now received approvals for the merger of Shriram City with Shriram Transport Finance from Sebi, BSE, NSE, shareholders, secured creditors, unsecured creditors, CCI and Insurance Regulatory & Development Authority and Reserve Bank of India and now only await the final go-ahead from National Company Law Tribunal (NCLT)," STFC's Vice Chairman and Managing Director Umesh Revankar said in the release.
"In a preparation to commence operations in the merged entity, the group has launched the pilot business as a combined entity across over 550 branches in all five geographical units," he said.
The merged entity will be known as Shriram Finance Ltd. It will be the largest retail NBFC in the country with assets under management of Rs 1.65 lakh crore as of June 2022.
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