The Competition Commission of India (CCI) has approved the proposed acquisition of less than 10% equity shareholding in Vastu Housing Finance Corporation Limited (VHFCL) by Naspers Ventures B.V. (Naspers Ventures) on a fully diluted basis.
Key Details:
i.Naspers Ventures is an indirect, wholly-owned subsidiary of Prosus N.V. It is an investment holding company, primarily involved in investment through direct and indirect equity and debt funding.
ii.VHFCL engaged in providing various loans, including home, construction, etc. Its subsidiary, Vastu Finserve India Private Limited (VFIPL), provides car, vehicle, equipment loans, etc.
CCI Approves Acquisition of Home Credit India Stakes by TVS Holdings & Others
CCI has approved the acquisition of shares of Home Credit India Finance Private Limited (Home Credit) by VS Holdings Limited (TVSH), STPL Trading and Services Private Limited (STPL), and PI Opportunities Fund-II (PIOF), and acquisition of shares of STPL Trading and Services Private Limited by K. Gopala Desikan, Anuraag Agarwal, V. Ganesh, and GWC Family Fund Investments Pte. Ltd.
Proposed combination:
The CCI has approved the acquisition of 100% of the issued and paid-up share capital of Home Credit by the acquirers involes,
- Acquisition of 80.74%, 8.47% and 10.79% of the issued and paid-up share capital of Home Credit by TVSH, STPL, and PIOF respectively
- Acquisition of 2.6%, 4.3%, 2.7%, and 90.4% of the equity share capital of STPL by K. Gopala Desikan, Anuraag Agarwal, V. Ganesh, and GWCF respectively.
Key Points:
i.In May 2024, TVS Holdings’s board approved the acquisition of a 80.74% equity stake of Home Credit for Rs 554.06 crore.
ii.The remaining 19.26% holding will be purchased by Premji Invest and other associates.
iii.The transaction allows TVS Holdings to enhance its presence in various areas of India and expand its financial customer base.
Key Entities:
iv.Home Credit is a part of the Home Credit group, an international consumer finance provider operating in Europe and Asia.
i.TVSH is a Core Investment Company (CIC) registered with the Reserve Bank of India (RBI), engaged in various sectors including automotive, financial services, and real estate.
ii.STPL is currently an inactive company in India or overseas, incorporated for trading goods and securities.
iii.PIOF is a Category-I Alternate Investment Fund (AIF) registered with the Securities and Exchange Board of India (SEBI) and is affiliated with the Premji Invest Group.
CCI Approves Craftsman Automation Ltd’s Full Acquisition of Sunbeam Lightweighting Solutions
The CCI has approved the acquisition of 100% share capital of Sunbeam Lightweighting Solutions Private Limited by Craftsman Automation Limited on a fully diluted basis.
Key Points:
i.The acquirer is a publicly listed company in India, operating in powertrain, aluminum products, and industrial & engineering segments.
ii.The target is a private company incorporated in India and is owned by Kedaara Capital Fund II LLP.
- It specialises in automotive Aluminum Die-Casting (ADC), focusing on aluminum auto-components for two-wheelers and passenger vehicles.
About the Competition Commission of India (CCI):
Chairperson– Ravneet Kaur
Headquarters– New Delhi, Delhi
Established– 2003
Operational From– 2009
