The Competition Commission of India (CCI) has approved the proposed acquisition of certain shareholding in TVS Credit Services Limited by PI Opportunities Fund-I Scheme-II along with certain Individuals.

The PI Opportunities Fund-I Scheme-II, is a trust established under the laws of India and registered as a Category II Alternative Investment Fund (AIF) with the Securities and Exchange Board of India (SEBI). The investment objective of the PI Opportunities Fund-I Scheme-II is to invest in growth and development stage investments in companies. PI Opportunities Fund-I Scheme-II is managed by PI Investment Advisory LLP, as a delegate of the trustee, namely Hasham Premji Private Limited.

The PI Opportunities Fund-I Scheme-II is owned and controlled by Premji Invest Limited (Premji Invest). The PI Opportunities Fund-I Scheme-II is an affiliate of Premji Invest which is the private equity and venture capital investment arm of the Premji Foundation. The Premji Foundation was set up to advance the philanthropic initiatives of Premji Invest and is ultimately controlled by Mr. Azim Premji.

The Individual Acquirers are senior level management employees, partners and consultants of Premji Invest and its affiliates and trustees and the investment made by the Individual Acquirers is a separate investment.

The TVS Credit Services Limited is a non-Deposit taking Systemically Important NBFC (NBFC-NDSI) incorporated in India. It commenced business in 2010 as a retail focused NBFC. The TVS Credit Services Limited is primarily engaged in providing two-wheeler loans, used car loans, new and used tractor loans, used commercial vehicle loans, MSME loans, consumer durable loans and personal loans in India. TVS Credit does not have any business operations outside India.

The proposed combination relates to the proposed acquisition of 10.98% stake (on a fully diluted basis) of Target by the Acquirers. PIOF-II shall be acquiring about 10.79% of shareholding in the Target, whereas the Individual Acquirers shall collectively be acquiring 0.19% shareholding in Target. (Proposed Combination).

Detailed order of the CCI will follow.

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NB/VM/KMN

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