Non-Banking Finance Company (NBFC) Shriram Transport Finance (STFC) on Tuesday said it has gotten an endorsement from the Competition Commission of India (CCI) for its consolidation with Shriram City Union Finance Company.
The endorsement from CCI came on August 1, an organization discharge said.
The Chennai-based enhanced monetary administrations organization Shriram Group, in December last year, had reported the consolidation of Shriram Capital Ltd (SCL) and Shriram City Union Finance Ltd (SCUF) with Shriram Transport Finance Ltd.
"With this endorsement, we have now gotten endorsements for the consolidation of Shriram City with Shriram Transport Finance from Sebi, BSE, NSE, investors, got loan bosses, unstable leasers, CCI and Insurance Regulatory and Development Authority and Reserve Bank of India and presently just anticipate the last thumbs up from the National Company Law Tribunal (NCLT)," STFC's Vice Chairman and Managing Director Umesh Revankar said in the delivery.
In a planning to begin tasks in the blended substance, the gathering has sent off the pilot business as a consolidated element across more than 550 branches in every one of the five geological units, he said.
The consolidated element will be known as Shriram Finance Ltd. It will be the biggest retail NBFC in the country with resources under administration of Rs 1.65 lakh crore as of June 2022.