CCI approves Micromax-Madison India deal

CCI has given its nod to the proposed JV between TDK Corp and Toshiba Corp.

The Dollar Business Bureau

Competition Commission of India (CCI) on Tuesday approved the proposed purchase of 2% stake in handset-manufacturer Micromax by Madison India Opportunities Trust Fund (MIOTF), in addition to three other deals involving different companies.  

The regulator on Monday said in a tweet that it has approved "acquisition of equity stake in Micromax Informatics Limited by Madison India Opportunities Trust Fund". MIOTF is registered as an Alternative Investment Fund with the capital market.  

Meanwhile, CCI has also approved ICU Medical Inc’s buying of drug major Pfizer's hospira infusion systems business. Pfizer now owns about 16.6% of ICU Medical, according to the company’s October press release. 

CCI has also cleared acquisition of Pfizer Inc's Hospira Infusion Systems business by ICHOSPIRA U Medical Inc, the company announced in a series of tweets.

ICU Medical is a California-based medical-device maker, developing, manufacturing and selling innovative devices across the world. 

CCI has also given a green signal for the proposed collaboration between TDK Corp and Toshiba Corp. 

Toshiba would hold 25% share in the joint venture, while the remaining 75% would be with TDK. The joint venture, TDK Automotive Technologies Corporation, would develop, manufacture and sale automotive inverters for hybrid vehicles, plug-in hybrid vehicles and electric vehicles, according to Toshiba’s press release. 

The CCI has cleared acquisition of stake in Gestamp Automocion S A by Mitsui & Co. "CCI India approves acquisition of 12.525% stake in Gestamp Automocion S A by Mitsui & Co Ltd," it said in a tweet. 

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The Dollar Business Bureau - Dec 28, 2016 12:00 IST