Shriram Finance Ltd.

The Competition Commission of India (CCI) has approved 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 (SBCPL), Shriram Financial Ventures (Chennai) (SFVPL), Shriram Capital (SCL), Shriram Transport Finance Company (STFC), Shriram City Union Finance (SCUF), Shriram LI Holdings (SLIH), Shriram GI Holdings (SGIH) and Shriram Investment Holdings (SIHL).

The salient features of the Scheme are: 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.

Shriram Transport Finance Company is a flagship company of the Chennai-based Shriram group and is classified as deposit taking Asset Financing NBFC.