CCI clears HLFL–NDL merger, paving way for Hinduja Finance consolidation

India’s antitrust watchdog, the Competition Commission of India, has approved the proposed merger of Hinduja Leyland Finance with and into NDL Ventures, clearing the path for a consolidation move aimed at streamlining the group’s lending operations.

According to the regulator’s press note issued on Tuesday, the transaction seeks to combine and integrate the businesses of Hinduja Leyland Finance into NDL Ventures, which currently has no active operations.

Hinduja Leyland Finance operates as a non-banking financial company focused on asset financing for urban and semi-urban retail borrowers, a segment that has seen rising demand alongside vehicle ownership growth and expanding last-mile logistics networks.


Its loan portfolio spans a wide spectrum of mobility segments, including two-wheelers, three-wheelers, light and heavy commercial vehicles, passenger cars and multi-utility vehicles. Beyond vehicle financing, the firm also provides loans against property and housing finance, including affordable home loans—segments that regulators and policymakers view as critical for financial inclusion.