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Sep 21, 2019

CCI Approves Acquisition of Sundaram BNP Paribas Home Finance Limited by Sundaram Finance Limited

On July 26, 2019, CCI approved the acquisition of 49.9% equity shareholding of Sundaram BNP Paribas Home Finance Limited (‘SHFL’) by Sundaram Finance Limited (‘SFL’). The acquisition resulted in SHFL becoming a wholly owned subsidiary of SFL since SFL held 50.1% of the equity shares of SHFL prior to the combination. [1]

SFL is a deposit-taking non-banking financial company registered with the RBI and is primarily engaged in financing purchase of commercial vehicles, cars, construction equipment and tractors. SHFL, a housing finance company, is a joint venture between SFL and BNP Paribas Personal Finance SA (‘BNPP’).

CCI observed that even though SFL’s distribution activity of financial products is vertically placed to the housing finance business of SHFL, the value of housing finance products distributed by SFL, for other financial institutions has not been significant to raise any competition concerns. Accordingly, CCI approved the combination.

[1] Combination Registration No. C-2019/06/670.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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