Competition Commission of India (CCI) on Tuesday said that it has approved the acquisition of shares of Home Credit India by TVS Holdings and Premji Invest.
“Commission approves acquisition of shares of Home Credit by TVS Holdings, STPL and PIOF, and acquisition of shares of STPL by K. Gopala Desikan, Anuraag Agarwal, V. Ganesh, and GWC Family Fund Investments,” CCI said in a post on ‘X’, formerly Twitter.
In May this year, international consumer finance provider, Home Credit Group announced its intention to sell 100 per cent of its Home Credit India Finance Private Ltd (Home Credit India) business to a group of investors led by Indian conglomerate, TVS Holdings.
Under the deal, TVS Holdings had announced its plan to acquire 80.74 per cent of the equity stake in Home Credit India Finance for ₹554 crore.
Premji Invest was to take about 10.8 per cent and other various minority investors were to hold approximately 8.5 per cent of the business.
Home Credit India is part of the Home Credit Group, which is an international non-banking financial institution founded in 1997 in the Czech Republic and headquartered in the Netherlands.
Since it entered into India in 2012, Home Credit has served over 1.6 crore customers in India, both online and offline. As of March 31, 2024, Home Credit had an AUM (assets under management) of about ₹5,535 crore. The company employs 3,800 people and has a network of over 50,000 points-of-sale spread across 625 cities in India.
It primarily focuses on New-to-Credit customers, offering consumer durable loans for low-cost smartphones, along with personal loans.
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