CCI approval: MUFG to acquire 20% stake in Shriram Finance in USD 4.4 billion deal

The Competition Commission of India (CCI) on Wednesday cleared MUFG Bank Ltd’s plan to buy shares in Shriram Finance Limited. The regulator said the approval covers MUFG Bank Ltd’s purchase of certain shares in the target. The decision followed MUFG Bank’s earlier announcement of a 20 per cent minority stake deal.

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MUFG Bank said in December 2025 that it would acquire 20 per cent in Shriram Finance. The transaction value is Rs 39,618 crore, or around USD 4.4 billion. The deal was described as the largest cross-border investment in India’s financial sector to date.

CCI approval for MUFG Bank stake in Shriram Finance

"Commission approves the acquisition of certain shares in Shriram Finance Limited (target) by MUFG Bank Ltd (acquirer),\" the CCI said in a release. MUFG Bank is part of Mitsubishi UFJ Financial Group Inc. The bank operates as a banking institution within that wider group.

In India, MUFG Bank provides several corporate banking services. These include loans, deposit accounts, and remittance services. The bank also offers trade finance, bank guarantees, and hedging products. The CCI clearance relates to MUFG Bank’s proposed share purchase in Shriram Finance.

Shriram Finance Ltd operates as a non-banking financial company. The Reserve Bank of India classifies Shriram Finance as an investment and credit company. The RBI also places Shriram Finance in the NBFC-Upper Layer category. This reflects tighter oversight for larger and more connected NBFCs.

CCI approval for State Street deal involving Groww Asset Management

In a separate release, the CCI also cleared another transaction. \"CCI approves the acquisition of the shareholding of Groww Asset Management Ltd by State Street Global Advisors, Inc.\" State Street Global Advisors, Inc. is a subsidiary of State Street Corporation.

State Street operates under the State Street Investment Management brand. This brand is the asset management arm of State Street Corporation. Groww Asset Management Ltd is wholly owned by Billionbrains Garage Ventures. The company manages schemes under Groww Mutual Fund, also known as Groww MF.

The competition regulator reviews deals that cross set thresholds. Such transactions require prior approval under India’s competition rules. The CCI monitors unfair business practices and works to support fair competition. Both approved transactions fell within the scope of this review process.

With inputs from PTI