New Delhi [India], June 11 : The Competition Commission of India (CCI) has approved Mitsubishi Corporation's acquisition of an equity stake in TVS Certified Private Limited and TVS Vehicle Mobility Solution Private Limited.
According to CCI press release, this decision marks a development in the Indian market, enhancing Mitsubishi's footprint and supporting TVS's strategic growth.
The approval pertains to Mitsubishi Corporation acquiring a strategic equity position in TVS Certified Private Limited (Target 1) and TVS Vehicle Mobility Solution Private Limited (Target 2).
The CCI's nod facilitates Mitsubishi's expansion into India's thriving automotive sector, aligning with its global strategy of diversifying and strengthening its presence across various industries.
The proposed combination involves Mitsubishi Corporation, a global integrated business enterprise, acquiring stakes in two key entities under the TVS umbrella.
Mitsubishi, with its extensive global reach and diverse portfolio, operates across 90 countries and regions, managing approximately 1,700 group companies worldwide.
Its operations span multiple sectors, including natural gas, industrial materials, petroleum and chemicals, mineral resources, industrial infrastructure, automotive and mobility, food industry, consumer industry, power solutions, and urban development, read the press release.
TVS Certified will focus on the used vehicle market, conducting auctions primarily through offline channels in physical auction yards.
This initiative aims to streamline the sale of pre-owned vehicles, providing a structured and reliable platform for buyers and sellers, thus boosting transparency and efficiency in the used vehicle market.
TVS Vehicle Mobility Solution is set to operate in domains- Dealership and Distribution: Handling commercial and passenger vehicles, including electric vehicles (EVs), construction equipment, and material handling vehicles.
This will enhance the accessibility and availability of diverse vehicle options for Indian consumers.
Motor Vehicle Services- Offering dealership and distribution of spare parts for vehicles, catering to specific manufacturers, thereby strengthening the service infrastructure and support for vehicle owners.
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