CCI clears Cyient's proposal to acquire TAO Digital Solutions

CCI cleared global engineering services provider Cyient's proposed acquisition of TAO Digital Solutions Inc.

The Competition Commission of India (CCI) on Tuesday cleared global engineering services provider Cyient's proposed acquisition of TAO Digital Solutions Inc.

The approval came after Hyderabad-based Cyient Ltd, in May this year, announced that it had entered into a definitive agreement to acquire TAO Digital Solutions Inc, an AI-native data and product engineering solutions firm.

"The proposed combination envisages the acquisition of 100 per cent of the share capital from the existing shareholders of TAO Digital Solutions Inc (target), by Cyient Ltd (acquirer)," the regulator said in a release.

"CCI approves the acquisition of 100 per cent of the share capital of Tao Digital Solutions Inc by Cyient Limited," the regulator said in a post on X.

 

Cyient Ltd is engaged in providing engineering and technology services specialising in aerospace and defence, automotive, rail transportation, healthcare and life sciences, semiconductors, energy, utilities, communications, and spatial intelligence.

California-based TAO Digital Solutions Inc is engaged in the provision of digital transformation and technology services globally. In India, it operates through its wholly owned subsidiary TAO Digital India Pvt Ltd.

In a separate release, CCI has also approved the acquisition of Kestrel Coal Group Pty Ltd by Yancoal Australia Ltd.

"The proposed combination envisages acquisition of 100 per cent of equity interest and warrants in Kestrel Coal Group Pty Ltd by Yancoal Australia Ltd from EMR Capital Advisors Pty Ltd, Kestrel Coal (EMR) Ltd, EMR Capital Management, and Adaro Capital Ltd (sellers)," the competition watchdog said.

Yancoal Australia primarily produces thermal coal from mines located in New South Wales, Queensland and Western Australia. It also produces a small volume of metallurgical coal.

The company has no physical presence in India, and has limited exports of thermal and metallurgical coal into the country through its affiliates.

In a post on X, CCI said: "Commission approves acquisition of 100 per cent stake in Kestrel Coal Group Pty Ltd. by Yancoal Australia Limited from certain sellers."  The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.