The Competition Commission has approved the acquisition of Sundaram BNP Paribas Home Finance Ltd (SBPHFL) by non-banking finance company Sundaram Finance.

SBPHFL is a joint venture between SFL and BNP Paribas Personal Finance, wherein SFL holds a 50.1 per cent stake.

Last month, SFL had announced to acquire BNP Paribas Personal Finance's remaining 49.9 per cent stake in SBPHFL for about Rs 999.66 crore.

After the acquisition, SBPHFL would become a wholly-owned subsidiary of SFL.

"Competition Commission of India approves the acquisition of SBPHFL by SFL," the fair trade regulator said in a tweet on July 27.

According to a notice submitted to CCI, SBPHFL is a housing finance company registered with the National Housing Bank. It is engaged in the business of providing long-term finance to individuals/corporates for construction /acquisition of residential dwelling units.

SFL is a Chennai-based NBFC primarily engaged in financing the purchase of commercial vehicles, cars, construction equipment, and tractors while BNP Paribas Personal Finance is a wholly-owned subsidiary of BNP Paribas, SA (BNPP).

BNPP is a leading European bank present in India through its branches in eight key cities.