CCI Approves Mitsubishi's Stake in TVS Units

The Competition Commission of India (CCI) has approved the acquisition of certain equity stake of TVS Certified Private Limited and TVS Vehicle Mobility Solution Private Limited by Mitsubishi Corporation.

The Proposed Combination relates to Mitsubishi Corporation (Acquirer) acquiring an equity stake in TVS Certified Private Limited (Target 1) and TVS Vehicle Mobility Solution Private Limited (Target 2).

The Acquirer is a global integrated business enterprise that develops and operates businesses with offices and subsidiaries in 90 countries and regions and around 1,700 group companies around the world and operate across industries including natural gas, industrial materials, petroleum & chemicals, mineral resources, industrial infrastructure, automotive & mobility, food industry, consumer industry, power solution, and urban development. 

Target 1 will be engaged in the business of sale of used vehicles by conducting auctions mainly through offline channels in physical auction yards.

Target 2 will be engaged in the business of inter alia, (i) dealership and distribution of commercial vehicles and passenger vehicles, including electric vehicles and construction equipment and material handling vehicles, and (ii) motor vehicle services and undertaking dealership and distribution of spare parts for vehicles for a specific manufacturer.