Competition Commission of India (CCI) Approves MUFG Bank Stake Acquisition in Shriram Finance

Key facts

• The Competition Commission of India (CCI) has approved the proposal by Japan's MUFG Bank Ltd to acquire a stake in Shriram Finance Limited.
• MUFG Bank, a part of Mitsubishi UFJ Financial Group Inc (MUFG), will acquire a 20 per cent minority stake in the non-bank lender for ₹39,618 crore (approximately USD 4.4 billion).
• The transaction represents the largest cross-border investment in India's financial sector to date.
• Shriram Finance Limited is classified as an investment and credit company by the Reserve Bank of India (RBI) and categorised as an NBFC-Upper Layer.
• The CCI also approved the acquisition of Groww Asset Management Ltd by State Street Global Advisors, Inc., which is a subsidiary of State Street Corporation (SSC).
• Groww Asset Management is a wholly owned subsidiary of Billionbrains Garage Ventures and manages various schemes of Groww Mutual Fund (Groww MF).