CCI Clears Toyota Group Restructuring, Investment Arm To Acquire Toyota Industries
The Competition Commission of India (CCI) has approved a proposed intra-group restructuring within the Toyota Motor group, clearing the acquisition of Japanese machine maker Toyota Industries Corporation (TIC) by Toyota Asset Preparatory Co., Ltd., an investment arm created specifically for the transaction. According to a CCI Press Release, Toyota Asset Preparatory will acquire 100%...
The Competition Commission of India (CCI) has approved a proposed intra-group restructuring within the Toyota Motor group, clearing the acquisition of Japanese machine maker Toyota Industries Corporation (TIC) by Toyota Asset Preparatory Co., Ltd., an investment arm created specifically for the transaction.
According to a CCI Press Release, Toyota Asset Preparatory will acquire 100% shareholding in TIC as part of a broader consolidation exercise within the global Toyota group. Once the transaction is completed, Toyota Fudosan Co., Ltd will hold 99% stake in the investment arm.
Toyota Asset Preparatory is not engaged in any business activities in India or abroad and exists solely to execute this restructuring. Toyota Motor Corporation, the group's flagship entity, manufactures and sells automobiles and automotive components in India.
TIC's Indian operations include the sales and servicing of material-handling equipment, manufacturing and sales of engines and transmission parts for passenger vehicles, production and sales of textile machinery, and provision of automated logistics solutions.
The CCI said a detailed order will be issued separately