New Delhi, 13 August : The Competition Commission of India (CCI) approves proposed combination involving amalgamation of HDFC Limited, HDFC Bank, HDFC Investments and HDFC Holdings.
Housing Development Finance Corporation Limited (HDFC Limited) is a housing finance company registered with the National Housing Bank and is primarily engaged in the business of providing finance to individuals, corporates and developers for the purchase, construction, development and repair of houses, apartments and commercial properties in India.
HDFC Bank Limited (HDFC Bank) is registered with the Reserve Bank of India (RBI) as a banking company and is engaged in the business of providing a range of banking and financial services including retail banking, wholesale banking and treasury operations through various branches in India.
HDFC Investments Limited (HDFC Investments) is registered with the RBI as a Systemically Important Non-Deposit Taking Non-Banking Financial Company and is engaged in the business of making investments in equity shares, preference shares, venture funds, mutual funds and other securities.
HDFC Holdings Limited (HDFC Holdings) is registered with the RBI as a Systemically Important Non-Deposit Taking Non-Banking Financial Company and is engaged in the business of making investments in equity shares, preference shares, venture funds, mutual funds and other securities.
The proposed combination envisages a two-step amalgamation process:
Step 1: Amalgamation of HDFC Investments and HDFC Holdings into and with HDFC Limited, such that HDFC Limited will be the surviving entity post this step; and
Step 2: Amalgamation of the amalgamated HDFC Limited into HDFC Bank, such that HDFC Bank will be the surviving entity post this step. (Steps 1 and 2 above together constitute the Proposed Combination)
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