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TVS Holdings Ltd., Srinivasan Trading Pvt. Ltd., and PI Opportunities Fund-II propose to acquire the entire share capital of Home Credit India Finance Private Limited. TVS Holdings Ltd. acquires 80.74 percent, Srinivasan Trading Pvt. Ltd. acquires 8.47 percent, and PI Opportunities Fund-II acquires 10.79 percent of the issued and paid-up share capital. The acquirers submit this summary of the proposed combination pursuant to the Competition Commission of India regulations.
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Summary
Summary of the Proposed Combination in terms of Regulation 13(1A) of the Competition Commission of India (Procedure in regard to transaction of business relating to combinations) Regulations, 2011 as amended by the Competition Commission of India (Procedure in regard to transaction of business relating to combinations) Amendment Regulations, 2019.
A. Names of the parties to the combination:
B. The nature and purpose of the Proposed Combination: 5. The ‘Proposed Transaction’ involves the proposed acquisition of 100% of the issued and paid-up share capital (on a fully diluted basis) of Home Credit India Finance Private Limited (Home Credit) by TVSH, STPL, and PIOF, in the following manner:
C. The products, services and business(es) of the parties to the combination: 6. TVSH: TVSH (formerly known as Sundaram Clayton Limited - SCL) is registered with the Reserve Bank of India (RBI) as a Core Investment Company (CIC) to carry on the business of a Non-Banking Financial Institution (NBFC-CIC) without accepting public deposits. TVSH is a holding company and through its group entities, is broadly engaged in the manufacturing and distribution of automotive components, the supply of aluminium die castings to automotive and non-automotive sectors, the manufacture and sale of two-wheelers, financial services including lending activities, and real estate. 7. STPL: STPL is a company incorporated under the Companies Act, 2013. It was incorporated to trade goods and securities at a retail and wholesale level. However, STPL does not currently have any business activities in India or overseas. 8. PIOF: PIOF is a Category-I alternative investment fund registered with the Securities and Exchange Board of India, and is an affiliate of the Premji Invest Group. Premji Invest has been setup to manage the investment corpus of the Azim Premji Foundation, a not-for-profit organisation. 9. Home Credit: Home Credit is a part of the Home Credit group, which is an international consumer finance provider operating in Europe and Asia. Home Credit is registered as a Nonbanking Financial (Non-Deposit Accepting or Holding) Company with the Reserve Bank of India and is primarily engaged in the business of retail financing in India.
D. Relevant Market to which the Proposed Combination relates: 10. The affiliates of TVSH, PIOF and Home Credit undertake overlapping 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 competitive landscape in any of the aforesaid markets or cause any appreciable adverse effect on competition in India, irrespective of the manner in which the relevant market(s) are defined.
