The Competition Commission of India (CCI) has approved the proposed acquisition of certain shareholding of Shriram Investment Holdings Private Limited by Shriram Ownership Trust.

The proposed combination relates to the acquisition by Shriram Ownership Trust (SOT) of 9.44% and 20% stake of Shriram Investment Holdings Private Limited (SIHL) held by APRN Enterprises Private Limited (APRN) and Piramal Enterprises Limited (PEL), respectively. Such that the holding in SIHL by SCPL and SOT, will increase to 100%.

SIHL is an unregistered core investment company with a standalone asset size of Rs. 3,976 crore and a turnover of Rs. 1,881 crore as of 31^st March 2023. SIHL does not have any business of its own except investments in various companies, most of which are 100% subsidiaries of SIHL. SOT and SCPL are already holding 70.56% of the SIHL.

The Shriram Group wants to increase its holding in SIHL and its financial services business by acquiring stake from PEL and APRN. These two shareholders, being minority shareholders, expressed their interest in favour of the exit. SOT, being the existing shareholder of the SIHL, proposes to acquire the stake from the above two shareholders.

Detailed order of the CCI will be issued soon.

****

NB/VM/KMN

(Release ID: 2015578) Visitor Counter : 1004