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The Competition Commission of India (CCI) has approved three major acquisition proposals across the financial services, power generation and industrial manufacturing sectors, signalling an active phase of corporate consolidation in the country.
In the financial sector, CCI cleared the proposal by ICICI Prudential Asset Management Company Limited to acquire select businesses of ICICI Venture Funds Management Company Limited. The transaction covers the management and sponsorship of five SEBI-registered Alternative Investment Funds, along with a non-exclusive advisory business that offers investment recommendations to an offshore private equity fund. ICICI Prudential AMC, a joint venture between ICICI Bank and Prudential Plc, manages mutual funds, portfolio management services and alternative investment funds. A detailed order from the Commission will be issued separately. In the power sector, the regulator approved Jindal Jhajjar Power Limited's acquisition of 100% shareholding in Jhajjar Power Limited. Jindal Jhajjar Power is a wholly owned subsidiary of Jindal Power Limited, which is engaged in thermal power generation. The acquisition will give the company full control over Jhajjar Power's operations, further strengthening the Jindal Group's footprint in the sector. The third approval relates to the internal restructuring plans of the Toyota Group. CCI has cleared Toyota Asset Preparatory Co., Ltd.'s proposed acquisition of Toyota Industries Corporation. The acquirer which is an investment vehicle created specifically for this restructuring will eventually be nearly wholly owned by Toyota Fudosan Co., Ltd. In India, Toyota Industries Corporation is active in several segments including material handling equipment, manufacturing of engines and transmission parts, textile machinery and automated logistics solutions. The regulator noted that Toyota Motor Corporation continues its core automotive production and sales operations in the country. (ANI)
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