Chennai, August 2022: Shriram Transport Finance Company has received approval from the Competition Commission of India (CCI) for the merger of Shriram Transport Finance Company with Shriram City Union Finance Company on 1 August. The merged entity Shriram Finance will be India’s largest Retail NBFC with Assets Under Management of INR 1.65 lk cr as of Jun-22.
Commenting on the approval, Mr. Umesh Revankar, VC & MD, STFC said, “With this approval, we have now received approvals for the merger of Shriram City with Shriram Transport Finance from SEBI, BSE, NSE, shareholders, secured creditors, unsecured creditors, Competition Commission of India and Insurance Regulatory & Development Authority and Reserve Bank of India and now only await the final go-ahead from National Company Law Tribunal (NCLT). In preparation to commence operations in the merged entity, we have launched the pilot business as a combined entity across 550+ branches in all five geographical units. This endeavour will be scaled up progressively until the merger day. The teams and systems integration is progressing well and we expect business stability to be maintained, while synergy would help us in building up future firm value for all stakeholders through the merger.”