CCI approves amalgamation between Shriram Group Companies

3 Aug 2022 , 11:31 AM

The Competition Commission of India (CCI) has approved the Composite Scheme of Arrangement and Amalgamation between Shriram Group Companies.

According to the press release, the proposed combination involves composite scheme of arrangement and amalgamation (Scheme) between Shrilekha Business Consultancy Private Limited (SBCPL), Shriram Capital Limited (SCL), Shriram Financial Ventures (Chennai) Pvt. Ltd (SFVPL), Shriram Transport Finance Company Limited (STFC), Shriram City Union Finance Limited (SCUF), Shriram GI Holdings Pvt. Ltd (SGIH), Shriram LI Holdings Pvt Ltd (SLIH) and Shriram Investment Holdings Ltd i.e. (SIHL).

The features of the Scheme are as follows:-

• The amalgamation of SBCPL with SCL;
• The demerger of the undertaking from SCL, carrying on the business of Financial Services, and the transfer and vesting thereof into Shriram Investment Holdings Ltd (SIHL);
• The demerger of undertakings from SCL carrying on the businesses of a) Life Insurance and b) General Insurance, and the transfer and vesting of the same into SLIH and SGIH respectively;
• The amalgamation of SCL (with its remaining stake and investments) with STFC; and
• The amalgamation of SCUF with STFC.