CCI Approves Merger Of Chaitanya India Fin Credit And Svatantra Holdings Into Svatantra Microfin
CCI Approves Merger Of Chaitanya India Fin Credit And Svatantra Holdings Into Svatantra Microfin
The Competition Commission of India (CCI) has approved the proposed merger of Chaitanya India Fin Credit and Svatantra Holdings into Ananya Birla-led Svatantra Microfin.
In a statement, the CCI said, “The proposed transaction relates to the amalgamation of Svatantra Holdings Pvt Ltd (SHPL) and Chaitanya India Fin Credit Pvt Ltd (CIFCPL) into Svatantra Microfin Pvt Ltd (SMPL), through a scheme of amalgamation approved by their respective boards.”
Following the merger, Svatantra Micro Housing Finance Corporation Ltd will become a wholly-owned subsidiary of Svatantra Microfin Pvt Ltd.
Svatantra Holdings operates as an unregistered core investment company, while Svatantra Microfin, led by Ananya Birla, is a Reserve Bank of India (RBI)-registered non-deposit-taking non-banking financial company-microfinance institution (NBFC-MFI).
Chaitanya India Fin Credit, founded by Anand Rao and Samit Shetty in 2009, is a microfinance institution, whereas Svatantra Micro Housing Finance Corporation is a registered non-deposit-taking housing finance company.
Transactions exceeding specified thresholds require regulatory approval to ensure fair competition and prevent anti-competitive practices in the marketplace.
