Fair trade regulator Competition Commission of India (CCI) on Tuesday approved the merger of Tata Cleantech Capital and Tata Capital Financial Services into Tata Capital Ltd.
Tata Capital Financial Services (TCFSL) and Tata Cleantech Capital Ltd are RBI-registered non-deposit accepting non-banking financial companies. Both companies are subsidiaries of Tata Capital Ltd (TCL).
The proposed combination is a merger of Tata Capital Financial Services Ltd (TCFSL) and Tata Cleantech Capital Ltd (TCCL) into Tata Capital Ltd (TCL), CCI said in an official release.
TCL is an RBI-registered non-deposit-accepting core investment company (CIC) which holds investments in its subsidiaries, which are engaged in lending and offering a wide array of services and products in the financial services sector.
Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices in the marketplace.
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