New Delhi: The Competition Commission of India (CCI) has cleared three major acquisition proposals this week, marking notable consolidation moves across the financial services, automotive and power sectors.
The approvals relate to ICICI Prudential Asset Management Company’s acquisition of select businesses from ICICI Venture Funds Management Company, Toyota Asset Preparatory Co’s acquisition of Toyota Industries Corporation, and Jindal Jhajjar Power Ltd’s acquisition of Jhajjar Power Ltd.
The first transaction approved by CCI concerns the acquisition by ICICI Prudential Asset Management Company Ltd of certain businesses from ICICI Venture Funds Management Company Ltd. ICICI Prudential, a joint venture between ICICI Bank Ltd and Prudential Corporation Holdings Ltd, is active in mutual funds, portfolio management services, alternative investment funds and advisory services for offshore clients. The proposed combination involves the transfer of the business of managing and/or sponsoring five Sebi-registered alternative investment funds, along with a non-exclusive and non-binding advisory business that provides investment recommendations to an identified offshore investment fund with a focus on private equity opportunities in India.
Another major clearance granted by CCI relates to the proposal by Toyota Asset Preparatory Co Ltd to acquire a 100% shareholding in Toyota Industries Corporation (TIC). The acquisition is part of an internal restructuring and consolidation process within the Toyota Group. Toyota Asset Preparatory is an investment vehicle created specifically for the transaction and will ultimately be held ~99% by Toyota Fudosan Co Ltd. While the acquirer does not currently engage in any commercial operations in India or overseas, the target company TIC has several business interests in the country, including sales and servicing of material handling equipment, manufacturing and sale of engines and transmission parts for passenger vehicles, manufacturing and sale of textile machinery, and provision of automated logistics solutions.
The CCI has also approved the acquisition of 100% shareholding of Jhajjar Power Ltd by Jindal Jhajjar Power Ltd. The acquirer is a wholly owned subsidiary of Jindal Power Ltd (JPL), which operates in the thermal power production segment. Jhajjar Power Ltd, the target, is likewise engaged in thermal power generation. The combination represents continued consolidation in India’s conventional energy sector as companies seek to optimize operations and resources.
Together, the three approvals demonstrate the ongoing momentum of strategic acquisitions in India across diverse industries, reflecting renewed interest in restructuring, scalability and operational efficiencies in the current economic landscape.