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The Competition Commission of India (CCI) has approved Minda Corporation Ltd (Minda) to acquire up to 8.79% of the equity share capital of Pricol Ltd (Pricol). The acquisition, which involves a stake purchase in Pricol by Minda, has received the regulatory nod from CCI.
Minda Corporation Ltd, known for its manufacturing of auto components, serves original equipment manufacturers (OEMs) and tier-1 clients across various segments in India. On the other hand, Pricol Ltd specialises in manufacturing automobile components for OEMs, Tier-1 suppliers, and replacement markets both domestically and internationally.
Earlier, CCI had expressed concerns about the potential adverse effects on competition arising from the proposed combination of Minda and Pricol. However, after further examination, the regulatory body has given the green light for the acquisition.
In a related development, Pricol had previously raised objections against Minda's application to CCI, seeking approval for acquiring an equity stake of up to 24.5% in the company. However, the current approval pertains to Minda's acquisition of up to an 8.79% stake in Pricol.
This approval marks a significant step forward for Minda Corporation's strategic plans and underscores its commitment to enhancing its position in the automotive components market.
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