CCI approves merging HDFC, HDFC Bank, HDFC Investments and HDFC Holdings

The Competition Commission of India (CCI) has approved the proposed amalgamation of HDFC, a housing finance company registered with the National Housing Bank; HDFC Bank, registered with the Reserve Bank of India (RBI) as a banking company; and HDFC Investments, and HDFC Holdings, both registered with the RBI as a Systemically Important Non-Deposit Taking Non-Banking Financial Companies and engaged in the business of making investments in equity shares, preference shares, venture funds, mutual funds and other securities. The proposed combination envisages a two-step amalgamation process: Step one involves the amalgamation of HDFC Investments and HDFC Holdings into and with HDFC, such that HDFC will be the surviving entity. In step two will be the amalgamation of the amalgamated HDFC into HDFC Bank, such that HDFC Bank will be the surviving entity post this step. Also read: HDFC Bank leases office space at Mindspace REIT's park for 10 years Signature Global plans Rs 550 cr investment in housing project