CCI approves acquisition of certain shares in Shriram Finance by MUFG Bank Ltd.

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.