TVS Holdings, 2 others get CCI's clearance to acquire stakes in Home Credit India Fin
Competition Commission of India (CCI) on Tuesday approved the proposed acquisition of stakes in Home Credit India Finance by TVS Holdings, STPL, Premji Invest Group as well as other related transactions. The deal includes acquisition of 80.74 per cent, 8.47 per cent and 10.79 per cent of the issued and paid-up share capital of Home Credit by each of TVS Holdings Ltd (TVSH), STPL Trading and Services Pvt Ltd (STPL), and PI Opportunities Fund-II (PIOF), respectively.
The regulator also granted its nod for the acquisition of 2.6 per cent, 4.3 per cent, 2.7 per cent, and 90.4 per cent of the equity share capital of STPL by K Gopala Desikan, Anuraag Agarwal, V Ganesh, and GWCF, respectively.
The proposed combination involves acquisition of 100 per cent of the issued and paid-up share capital of Home Credit India Finance Pvt Ltd (Home Credit) by TVSH, STPL, K Gopala Desikan, Anuraag Agarwal, V Ganesh, and GWC Family Fund Investments Pte Ltd (GWCF) (STPL Acquirers) and PIOF, CCI said in a release.
TVSH is a Reserve Bank of India-registered as a Core Investment Company (CIC) to carry on the business of a non-banking financial institution (NBFC-CIC) without accepting public deposits.
TVSH through its group entities, engaged in the manufacturing and distribution of automotive components, manufacturing and sale of two-wheelers, financial services including lending activities, and real estate.
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