The Competition Commission of India (CCI) approves Composite Scheme of Arrangement and Amalgamation between Shriram Group Companies under Section 31(1) of the Competition Act, 2002.
The proposed combination involves composite scheme of arrangement and amalgamation (Scheme) between Shrilekha Business Consultancy Private Limited (SBCPL), Shriram Financial Ventures (Chennai) Pvt. Ltd (SFVPL), Shriram Capital Limited (SCL), Shriram Transport Finance Company Limited (STFC), Shriram City Union Finance Limited (SCUF), Shriram LI Holdings Pvt Ltd (SLIH), Shriram GI Holdings Pvt. Ltd (SGIH) and Shriram Investment Holdings Ltd (SIHL).
The salient features of the Scheme are as under:-
- 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 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 a) SLIH); and b) SGIH respectively;
- The amalgamation of SCL (with its remaining undertaking and investments) with STFC; and
- The amalgamation of SCUF with STFC.
Detailed order of the CCI will follow.