Fair trade regulator Competition Commission has cleared Johnson Controls' proposed acquisition of HVAC business of Hitachi Appliances.
The regulator, which keeps a tab on unfair business practices across sectors, has approved the acquisition as the deal may not have an adverse impact on competition in the country.
"Competition Commission of India (CCI) approves acquisition of HVAC business of Hitachi by Johnson Controls," the fair trade body said in a tweet today.
Johnson Controls and Hitachi Appliances, in January, had entered into a definitive agreement to form a global joint venture (JV) for heating, air conditioning, ventilation and refrigeration (HVAC).
As per the agreement, Johnson Controls will obtain a 60 per cent ownership in HVAC business of Hitachi Appliances. The deal excludes sales and service operations in Japan.
Hitachi Appliances will continue to provide Hitachi branded HVAC products in the Japanese market after the transaction.
