The mega merger of HDFC Limited, the country’s largest housing finance company, with HDFC Bank, the country’s largest private sector bank by balance sheet size, moved a step closer towards final closure with the Competition Commission of India (CCI) giving its approval for the transaction.
“Commission approves proposed combination involving amalgamation of HDFC Limited, HDFC Bank, HDFC Investments and HDFC Holdings,” the CCI said in a tweet.
It may be recalled that the Boards of HDFC and HDFC Bank had on April 4 approved a scheme of amalgamation, which was billed as the biggest merger and amalgamation transaction in India’s corporate history.
Post the merger, the combined balance sheet will be Rs. 17.87 lakh crore and the net worth of the combined entity will be Rs. 3.3 lakh crore as of December 2021.