TVS Holdings gets CCI clearance to acquire stakes in Home Credit

25 Sep 2024 , 12:03 PM

On Tuesday, the Competition Commission of India (CCI) approved TVS Holdings, STPL, and Premji Invest Group’s proposed acquisition of holdings in Home Credit India Finance, as well as other associated transactions. 

TVS Holdings Ltd (TVSH), STPL Trading and Services Pvt Ltd (STPL), and PI Opportunities Fund-II (PIOF) would each acquire 80.74%, 8.47%, and 10.79% of Home Credit’s issued and paid-up share capital, respectively.

The regulator also approved the acquisition of 2.6%, 4.3%, 2.7%, and 90.0% of STPL’s equity share capital by K Gopala Desikan, Anuraag Agarwal, V Ganesh, and GWCF, respectively. 

TVSH, STPL, K Gopala Desikan, Anuraag Agarwal, V Ganesh, and GWC Family Fund Investments Pte Ltd (GWCF) (STPL Acquirers) and PIOF will acquire 100% of the issued and paid-up share capital of Home Credit India Finance Pvt Ltd (Home Credit), according to a CCI release. 

TVSH is a Reserve Bank of India-registered Core Investment Company (CIC) that operates as a non-banking financial institution (NBFC-CIC) without accepting public deposits.

TVSH, through its group firms, manufactures and distributes automotive components, manufactures and sells two-wheelers, provides financial services, including financing, and owns real estate. 

STPL was formed to trade goods and securities at both the retail and wholesale levels, while K Gopala Desikan, Anuraag Agarwal, and V Ganesh are natural persons, and GWCF is a private investment-focused business.

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