Mitsubishi gets CCI nod to increase TVS Automobile Solutions stake to 25%

CCI says it approves increase in shareholding of Mitsubishi Corporation in TVS Automobile Solutions Private Limited from 3.26 per cent to 25 per cent

The Competition Commission of India (CCI) on Monday said it has given nod to Japan-based Mitsubishi Corporation for increasing stake in TVS Automobile Solutions to 25 per cent. 

The CCI in a tweet said it "approves increase in shareholding of Mitsubishi Corporation in TVS Automobile Solutions Private Limited from 3.26 per cent to 25 per cent". 

"The parties submit that MC (Mitsubishi Corporation) and TASL (TVS Automobile Solutions Private Ltd) are not engaged in the production/sale of any similar or substitutable products or services in India.

"Accordingly, the proposed transaction does not give rise to any competition concerns regardless of the manner in which relevant market defined for the purpose of this filing," a combination notice filed with the CCI said.

In another tweet, CCI said it "approves acquisition of shareholding in Aakash Educational Services Limited by Singapore VII Topco I".

According to the notice, the proposed transaction relates to the acquisition of 37.5 per cent equity shareholding in Aakash Educational Services by Singapore VII Topco I.

The acquirer is a Singapore-based special purpose vehicle and is engaged in investment holding and related activities. "However, at present, it does not have any business operations, in India or worldwide," the CCI said.

Aakash Educational Services, on the other hand, is engaged in providing entrance test preparatory services and foundation courses to students through different modes.