The Competition Commission of India (CCI) on Thursday approved the acquisition of Fullerton India Credit Company by Sumitomo Mitsui Financial Group.
The proposed transaction involves the acquisition of 100 per cent issued and paid-up equity share capital of Fullerton India Credit Company by Sumitomo Mitsui Financial Group in two steps.
The first step would entail the acquisition of Fullerton India Credit Company''s 74.9 per cent of the total paid-up equity share capital on a fully diluted basis from Fullerton Financial Holdings and Angelica Investments, a notice filed with the regulator said.
Subsequently, Sumitomo Mitsui Financial Group would acquire the remaining 25.1 per cent of the paid-up equity share capital on a fully diluted basis from Angelica.
"The Proposed Transaction will not lead to any change in the competitive landscape or cause any appreciable adverse effect on competition in India, irrespective of the manner in which the relevant markets are defined," as per the notice.
Fullerton India Credit Company is registered as a deposit-taking non-banking financial company.
Sumitomo Mitsui Financial Group Inc is the holding company of one of the largest global banking and financial service groups, offering commercial banking, leasing, securities and consumer finance with a heritage exceeding 400 years in Japan, and is one of the globally systemically important banks.
"Commission approves acquisition of shares in Fullerton India Credit Company by Sumitomo Mitsui Financial Group," a tweet by the regulator said.
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