Non-banking financial company (NBFC) Shriram Transport Finance Company on Tuesday said that it had received an approval from the Competition Commission of India (CCI) for its merger with Shriram City Union Finance Company.

The approval from CCI came on August 1, a company release said today.

The Shriram Group, a Chennai-based diversified financial services conglomerate, in December last year had announced the merger of Shriram Capital and Shriram City Union Finance with Shriram Transport Finance.

“With this approval, we have now received approvals for the merger of Shriram City with Shriram Transport Finance from SEBI, BSE, NSE, shareholders, secured creditors, unsecured creditors, CCI and Insurance Regulatory and Development Authority and Reserve Bank of India and now only await the final go-ahead from National Company Law Tribunal (NCLT),” Shriram Transport’s Vice-Chairman and Managing Director Umesh Revankar said in the release.

In a preparation to commence operations in the merged entity, the group had launched the pilot business as a combined entity across over 550 branches in all five geographical units, he said.

The merged entity will be known as Shriram Finance. It will be the largest retail NBFC in the country with assets under management of Rs 1.65 lakh crore as of June 2022.