CCI Approves Japan’s MUFG Bank Proposal to Acquire 20% Stake in SFL for Rs 39,618 crore
In March 2026, the Competition Commission of India (CCI) approved the proposal of Japan’s MUFG Bank Limited, wholly-owned subsidiary of Mitsubishi UFJ Financial Group Inc, to acquire a 20% stake in Shriram Finance Limited (SFL), a leading non-banking financial company (NBFC) in India, for Rs.39,618 crore (approximately USD 4.4 billion).
In March 2026, the Competition Commission of India (CCI) approved the proposal of Japan’s MUFG Bank Limited, wholly-owned subsidiary of Mitsubishi UFJ Financial Group Inc, to acquire a 20% stake in Shriram Finance Limited (SFL), a leading non-banking financial company (NBFC) in India, for Rs.39,618 crore (approximately USD 4.4 billion).
- This marks the largest cross-border investment in the financial sector of India to date.
About Acquirer & Target:
Acquirer: MUFG Bank Ltd. is a banking institution in Japan, provides financial services. In India, it offers various financial products like: corporate banking loans, deposit accounts, remittances, trade finance, among others.
Target: SFL is a public listed NBFC registered with the Reserve Bank of India (RBI). It is classified as an Investment and Credit Company (ICC) and categorized under the NBFC-Upper Layer.
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- SFL is mainly engaged in the business of financing commercial goods and passenger vehicles, construction equipment, among others.
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