Fair trade regulator Competition Commission of India (CCI) has approved the proposed merger of HDFC Bank and its parent company HDFC Ltd.
The proposed combination envisages the merger of HDFC Investments and HDFC Holdings with HDFC Ltd initially, and then the merger of HDFC Ltd into HDFC Bank.
In a tweet on Friday, CCI said it had approved the “merger proposal involving the merger of HDFC Limited, HDFC Bank, HDFC Investments and HDFC Holdings”. In April, the country’s largest housing finance company, HDFC Ltd, announced that it would merge with HDFC Bank.
Transactions above a certain threshold require approval from the regulator, which keeps an eye on unfair trading practices in the market.
(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)