The Competition Commission of India (CCI) has approved the acquisition of up to 8.79 per cent of the equity share capital of Pricol Ltd (Pricol/target) by Minda Corporation Ltd (Minda/acquirer).
The proposed combination relates to an acquisition of up to 8.79 per cent of the equity share capital of Pricol by Minda.
Minda is engaged in the business of manufacturing of auto - components parts and caters to original equipment manufacturers (OEMs) and tier-1 in various segments in India.
Pricol is engaged in the business of manufacturing of automobile components for OEMs, tier-1 and replacement markets across India and globally.
CCI, had on January 3, said that prima facie the proposed combination of Mindanao and Pricol is likely to result in an “appreciable adverse effect on competition of multiple reasons”. Hence, the competition watchdog planned to inquire further into the matter, it had said.
In May 2023, Pricol had filed a preliminary objection against Minda’s application to the CCI to buy equity stake up to 24.5 per cent in Pricol.