New Delhi: In a significant development, the Competition Commission of India (CCI) has granted approval for the acquisition of up to 8.79% (approximately) of the equity share capital of Pricol Limited (Pricol) by Minda Corporation Limited (Minda).
The proposed combination revolves around Minda Corporation Limited acquiring a substantial stake of up to 8.79% in Pricol Limited. Minda Corporation, the acquirer in this deal, is actively involved in the manufacturing of auto-components parts, serving Original Equipment Manufacturers (OEMs) and Tier-1 clients across diverse segments in India.
On the other hand, Pricol Limited, the target company, is engaged in the manufacturing of automobile components catering to OEMs, Tier-1, and replacement markets both within India and globally.
This approval marks a strategic move in the automotive industry, where companies are aligning to strengthen their market presence and enhance their offerings. The collaboration between Minda Corporation and Pricol Limited is expected to bring synergies that will contribute to the growth and development of both entities.
The CCI’s green signal indicates that the proposed combination is in compliance with the competition norms and is not expected to adversely impact market competition. As the automotive sector continues to evolve, such alliances play a crucial role in fostering innovation, competitiveness, and sustainable growth.
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