Fair trade regulator CCI on Tuesday cleared South Africa-based Naspers’ proposal to acquire a minority stake in Vastu Housing Finance Corporation Ltd. Naspers Ventures BV is an indirect and wholly-owned subsidiary of leading global technology investor Prosus NV.
Naspers is an investment holding company and its principal activity is to make investments by providing direct and indirect equity and debt funding.
“The proposed transaction involves the acquisition of less than 10 per cent equity shareholding (on a fully-diluted basis) in Vastu Housing Finance Corporation Ltd (VHFCL) by Naspers Ventures,” the regulator said in a release.
VHFCL is engaged in the provision of home loans, loans against property, and micro/ MSME loans. Its subsidiary, Vastu Finserve India, is engaged in the provision of car loans and commercial vehicle loans, etc.
The Competition Commission of India (CCI) said it has approved the deal.
The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
