CCI Approves Hinduja Leyland Finance Merger with NDL Ventures

NEW DELHI, FEB 18, 2026: In a decisive move that paves the way for a significant corporate overhaul within the Hinduja Group, the Competition Commission of India (CCI) has approved the merger of Hinduja Leyland Finance Limited (HLFL) with NDL Ventures Limited.

The approval, announced on Wednesday, signals the end of the regulatory road for a consolidation that promises to reshape the group’s financial services landscape.

The Consolidation Play
At the heart of the proposal is a full-spectrum merger, wherein HLFL—a dominant force in vehicle financing—will be fully amalgamated into NDL Ventures. Currently a shell company with no active business, NDL Ventures will transform overnight into a major NBFC entity upon completion of the merger.

The CCI’s green light comes with the promise of a detailed order to follow, which will outline the commission's formal reasoning.

Who They Are

Hinduja Leyland Finance (HLFL): A heavyweight in the asset finance space, HLFL specializes in small-ticket lending across India’s urban and semi-urban heartlands. It commands a vast portfolio spanning the entire automotive spectrum—from Two Wheelers and Three Wheelers to Light, Medium, and Heavy Commercial Vehicles. Beyond vehicles, the company has aggressively expanded into Loan Against Property and affordable housing finance.
NDL Ventures: Currently a non-operative entity, NDL will serve as the corporate vessel to house HLFL’s massive financial operations, streamlining the group's structure.

Why This Matters
This is more than a regulatory formality; it is a calculated financial maneuver. By merging a high-value operational asset (HLFL) into a listed, but currently inactive, entity (NDL Ventures), the Hinduja Group is effectively creating a cleaner, more efficient corporate vehicle. This move is likely aimed at simplifying the corporate structure, enhancing governance, and potentially unlocking shareholder value by consolidating the entire vehicle finance book under a single, streamlined banner.

With the CCI’s approval secured, the focus now shifts to the legal and procedural execution of the merger, setting the stage for a newly consolidated NBFC giant to emerge from the Hinduja stable.