Summary SummaryoftheProposedCombinationintermsofRegulation13(1A)of the Competition Commission of India (Procedure in regard to transactionofbusinessrelatingtocombinations)Regulations,2011as amendedbytheCompetitionCommissionofIndia(Procedurein…
Summary SummaryoftheProposedCombinationintermsofRegulation13(1A)of the Competition Commission of India (Procedure in regard to transactionofbusinessrelatingtocombinations)Regulations,2011as amendedbytheCompetitionCommissionofIndia(Procedureinregard to transaction of business relating to combinations) Amendment Regulations, 2019. A. Names of the parties to the combination: 1. TVS Holdings Ltd. (TVSH) 2. Srinivasan Trading Pvt. Ltd. (STPL); and 3. PI Opportunities Fund-II (PIOF). 4. TVSH, STPL, and PIOF are collectively referred to as ‘Acquirers’. B. The nature and purpose of the Proposed Combination: 5. The ‘Proposed Transaction’ involves the proposed acquisition of 100%oftheissuedandpaid-upsharecapital(onafullydilutedbasis) of Home Credit India Finance Private Limited (Home Credit) by TVSH, STPL, and PIOF, in the following manner: a. Proposed acquisition of 80.74%, 8.47% and 10.79% of the issuedandpaid-upsharecapital(onafullydilutedbasis)of Home Credit by each of TVSH, STPL, and PIOF respectively. C. The products, services and business(es) of the parties to the combination: 6. TVSH:TVSH(formerlyknownasSundaramClaytonLimited-SCL)is registeredwiththeReserveBankofIndia(RBI)asaCoreInvestment Company(CIC)tocarryonthebusinessofaNon-BankingFinancial Institution (NBFC-CIC) withoutacceptingpublicdeposits.TVSHisa holdingcompanyandthroughitsgroupentities,isbroadlyengagedin the manufacturing and distribution of automotive components, the supply of aluminium die castingstoautomotiveandnon-automotive sectors,themanufactureandsaleoftwo-wheelers,financialservices including lending activities, and real estate. 7. STPL: STPL is a company incorporated under theCompaniesAct, 2013.Itwasincorporatedtotradegoodsandsecuritiesataretailand wholesalelevel.However,STPLdoesnotcurrentlyhaveanybusiness activities in India or overseas. 8. PIOF:PIOFisaCategory-Ialternativeinvestmentfundregisteredwith theSecuritiesandExchangeBoardofIndia,andisanaffiliateofthe Premji Invest Group. Premji Invest has been setup to manage the investment corpus of the Azim Premji Foundation, a not-for-profit organisation. 9. HomeCredit:HomeCreditisapartoftheHomeCreditgroup,which isaninternationalconsumerfinanceprovideroperatinginEuropeand Asia. Home Credit is registered as a Nonbanking Financial (Non-DepositAcceptingorHolding)CompanywiththeReserveBank ofIndiaandisprimarilyengagedinthebusinessofretailfinancingin India. D. Relevant Market to which the Proposed Combination relates: 10.TheaffiliatesofTVSH,PIOFandHomeCreditundertakeoverlapping activities in the markets for the provision of (a) loans and lending services in India; (b) retail loans and lending services in India; (c) personal loans in India; and (d) consumer durable loans in India. 11.The Proposed Transaction will not lead to any change in the competitivelandscapeinanyoftheaforesaidmarketsorcauseany appreciableadverseeffectoncompetitioninIndia,irrespectiveofthe manner in which the relevant market(s) are defined. *****
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