CCI Approves Merger of Hinduja Leyland Finance into NDL Ventures

23 Feb 2026 CW Team

HLFL is a non-banking financial company focused on asset finance that provides small-ticket loans to urban and semi-urban retail customers. It finances a wide range of vehicles including two wheelers, three wheelers, medium and heavy commercial vehicles, light commercial vehicles, small commercial vehicles, cars and multi-utility vehicles. The company also offers loans against property and home loans including affordable housing loans.

The proposed combination is intended to merge and consolidate the businesses of HLFL with those of NDL, bringing the lending activities under the legal entity of NDL. The Commission carried out its assessment to determine the merger's impact on competition and concluded that the transaction may proceed. A detailed order from the Commission will follow setting out any findings and conditions.

By consolidating HLFL into NDL, the parties expect to simplify corporate structure and enable future strategic or operational integration, subject to the terms of the merger being effected. The approval by CCI represents a regulatory clearance that removes a key antitrust hurdle for the transaction. Stakeholders will await the formal order for further detail on any remedies or procedural steps required.

The decision aligns with the regulator's mandate to review combinations that could affect market competition and reflects the procedural outcome of the notification. The Commission's clearance allows the parties to progress with the merger process while ensuring that competition considerations have been addressed. Further documentation and the formal order will provide clarity on the implementation timeline and any conditions.

The Competition Commission of India (CCI) has approved a proposed merger that will see Hinduja Leyland Finance Limited (HLFL) merged with and into NDL Ventures Limited (NDL). The regulator approved the combination after reviewing the transaction under the provisions governing combinations in India. NDL does not have any active business at present. HLFL is a non-banking financial company focused on asset finance that provides small-ticket loans to urban and semi-urban retail customers. It finances a wide range of vehicles including two wheelers, three wheelers, medium and heavy commercial vehicles, light commercial vehicles, small commercial vehicles, cars and multi-utility vehicles. The company also offers loans against property and home loans including affordable housing loans. The proposed combination is intended to merge and consolidate the businesses of HLFL with those of NDL, bringing the lending activities under the legal entity of NDL. The Commission carried out its assessment to determine the merger's impact on competition and concluded that the transaction may proceed. A detailed order from the Commission will follow setting out any findings and conditions. By consolidating HLFL into NDL, the parties expect to simplify corporate structure and enable future strategic or operational integration, subject to the terms of the merger being effected. The approval by CCI represents a regulatory clearance that removes a key antitrust hurdle for the transaction. Stakeholders will await the formal order for further detail on any remedies or procedural steps required. The decision aligns with the regulator's mandate to review combinations that could affect market competition and reflects the procedural outcome of the notification. The Commission's clearance allows the parties to progress with the merger process while ensuring that competition considerations have been addressed. Further documentation and the formal order will provide clarity on the implementation timeline and any conditions.

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