CCI approves SREI Infrastructure Finance's acquisition by NARCL, IDRCL
Fair-trade regulator CCI on Thursday said it has approved the acquisition of SREI Infrastructure Finance by National Asset Reconstruction Company Ltd and India Debt Resolution Company Ltd.
The deal has been cleared under the green channel route.
National Asset Reconstruction Company Ltd (NARCL) is an asset reconstruction company while India Debt Resolution Company Ltd (IDRCL) provides debt management services to NARCL. Both entities are backed by the Government of India.
The proposed transaction involves the acquisition of a majority of equity share capital of the Srei Infrastructure Finance (SIFL) by NARCL and IDRCL, according to a CCI notice.
NARCL has submitted a resolution plan in relation to the corporate insolvency resolution process (CIRP) of SIFL and its wholly-owned subsidiary, SREI Equipment Finance Ltd (SEFL).
Thereafter, NARCL's resolution plan was approved by the Committee of Creditors (CoC) of the SIFL on February 14, the notice said.
The Competition Commission of I