The Competition Commission of India has approved the acquisition of certain shares in Shriram Finance Limited (Target) by MUFG Bank Ltd. (Acquirer).

The Acquirer is a banking institution based in Japan. It is wholly owned and controlled by Mitsubishi UFJ Financial Group, Inc., which is a financial services and holding company incorporated in Tokyo, Japan. In India, the Acquirer provides: corporate banking loans; deposit accounts; remittances; trade finance; bank guarantees; and hedging.

The Target is a public listed company and a non-banking financial company registered with the Reserve Bank of India. It is classified as an Investment and Credit Company by the RBI and categorized as an “NBFC-Upper Layer”. It is primarily engaged in the business of financing commercial goods and passenger vehicles, construction equipment, farm equipment, MSMEs, two-wheelers, gold, and personal loans.

Detailed order of the Commission will follow.

Competition law approval for acquisition of shares in a listed NBFC by a Japan-based banking institution. Competition Commission of India approval was granted for the acquisition of certain shares in Shriram Finance Limited by MUFG Bank Ltd. The acquirer is a Japan-based banking institution wholly owned and controlled by Mitsubishi UFJ Financial Group, Inc., and carries on banking-related activities in India including corporate banking loans, deposit accounts, remittances, trade finance, bank guarantees and hedging. The target is a listed non-banking financial company registered with the Reserve Bank of India, classified as an Investment and Credit Company and an NBFC-Upper Layer, engaged in financing commercial goods and passenger vehicles, construction equipment, farm equipment, MSMEs, two-wheelers, gold and personal loans.