Trilegal represents Premji Invest, through PI Opportunities Fund I – Scheme II, in securing an unconditional approval from the Competition Commission of India (“CCI”) in relation to the proposed acquisition of equity stake in TVS Credit Services Limited (“TVS Credit”). This was one of the most complex deals in the fast growing NBFC space where companies have played a pivotal role in driving sustainable economic growth in India and have hugely helped improve the access to credit for the country’s vast unorganized sector.
This approval is amongst the first set of orders passed by the CCI after two additional members were sworn-in only yesterday, i.e.19 September 2023. The CCI has shown tremendous resolve in ensuring merger control timelines are not impacted due to the change in composition of the Commission. This is another step taken by the CCI towards the Government’s agenda of ease of doing business in India.
PI Opportunities Fund I – Scheme II, an affiliate of Premji Invest, is the private equity and venture capital investment arm of Premji Foundation. The Premji Foundation has been set up to advance the philanthropic initiatives of Premji Invest and is ultimately controlled by Mr. Azim Premji.
TVS Credit is a Non-Deposit taking Systemically Important Non-Banking Financial Company incorporated in India, and is primarily engaged in providing two-wheeler loans, used car loans, new and used tractor loans, used commercial vehicle loans, MSME loans, consumer durable loans and personal loans in India.
The Trilegal competition team representing Premji Invest was led by Nisha Kaur Uberoi, Partner & National Head – Competition Law, Rudresh Singh, Partner; and assisted by Divye Sharma and Afreen Abassi, Senior Associates; Vrinda Nagpal and Rishi Kauntia, Associates.
Khaitan & Co. represented the target entity, TVS Credit.
Trilegal is one of India’s leading law firms, with expertise across the full spectrum of corporate legal services. Trilegal has offices in four key cities of India.
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