Landmark HDFC Bank Merger Scheme Approved in India

HDFC Bank Ltd. received approval on Friday to merge with mortgage lender Housing Development Finance Corp., marking the largest such deal in India’s corporate landscape.

With a green light from the National Company Law Tribunal, HDFC’s merger process is on track to be completed by the end of July, vice chairman and chief executive Keki Mistry told Bloomberg News.

Last year, the bank announced its intention to take over the country’s largest mortgage lender. The deal, which is valued at around $60 billion, is aimed at capturing rising consumer spending and home loans in India.

Uniting the two companies, ...