CCI approves Rs 4,630 cr deal between Warburg Pincus, Shriram Housing

The Competition Commission of India (CCI) on Tuesday approved the proposed Rs 4,630-crore deal, wherein private equity major Warburg Pincus will acquire Shriram Finance's arm Shriram Housing Finance.

"The proposed combination envisages inter alia the acquisition of shareholding in Shriram Housing Finance Ltd by Mango Crest Investment Ltd," CCI said in a release.

Mango Crest Investment Ltd undertakes investment holding activities. It is an affiliate of US-based Warburg Pincus.

Shriram Housing Finance Ltd is a housing finance company registered with the National Housing Bank.

In May this year, financial services firm Shriram Finance announced the sale of its housing finance arm to private equity major Warburg Pincus for Rs 4,630 crore to focus on the vehicle finance and small business lending.

Under the deal, SHF will be acquired by Warburg Pincus through its affiliate Mango Crest Investment Ltd from all the sellers.

The proposed transaction is valued at Rs 4,630 crore for equity a