The Competition Commission of India (CCI) has approved three significant acquisition proposals across various sectors, indicating a surge in corporate consolidation in the country. The approved deals are expected to have a substantial impact on the financial services, power generation, and industrial manufacturing sectors.
In the financial sector, the CCI has cleared the proposal by ICICI Prudential Asset Management Company Limited to acquire select businesses of ICICI Venture Funds Management Company Limited. The transaction includes the management and sponsorship of five SEBI-registered Alternative Investment Funds, as well as a non-exclusive advisory business. ICICI Prudential AMC, a joint venture between ICICI Bank and Prudential Plc, will manage these assets, further expanding its presence in the mutual funds, portfolio management services, and alternative investment funds space.
In the power sector, the regulator has approved Jindal Jhajjar Power Limited’s acquisition of 100% shareholding in Jhajjar Power Limited. This deal will give Jindal Jhajjar Power, a wholly owned subsidiary of Jindal Power Limited, full control over Jhajjar Power’s operations, strengthening the Jindal Group’s presence in the thermal power generation sector.
The third approval relates to the internal restructuring plans of the Toyota Group. The CCI has cleared Toyota Asset Preparatory Co., Ltd.’s proposed acquisition of Toyota Industries Corporation. The acquirer, an investment vehicle created specifically for this restructuring, will eventually be nearly wholly owned by Toyota Fudosan Co., Ltd. Toyota Industries Corporation is active in several segments in India, including material handling equipment, manufacturing of engines and transmission parts, textile machinery, and automated logistics solutions.
These approvals signal an active phase of corporate consolidation in India, with companies seeking to expand their presence and strengthen their market position through strategic acquisitions. The CCI’s approval of these deals is expected to have a positive impact on the respective sectors, driving growth and investment in the country. The regulator’s detailed orders for each of the approved deals will be issued separately, providing further insight into the transactions and their implications for the market.