Fair trade regulator CCI has approved the proposed merger of Dewan Housing group companies — Aadhar Housing Finance and DHFL Vysya Housing Finance.
Under the deal, Aadhar Housing Finance would be merged with DHFL Vysya and the latter would be the surviving entity.
Competition Commission of India (CCI), which keeps a tab on unfair business practices, has given its nod to the proposed merger, as per the regulator’s website.
Both Aadhar and Vysya are subsidiaries of Wadhawan Global Capital (WGC).
Post merger, WGC would hold more than 50 per cent stake in the resultant entity, according to the submission made by the companies to CCI.
Both the companies are primarily engaged in the business of providing housing finance to customers for construction and purchase of residential property and loans against property.
Aadhar Housing Finance is a partnership between Wadhawan Global Capital, International Finance Company (IFC) and Dewan Housing Finance Ltd.