New Delhi: The Competition Commission of India (CCI) has granted approval to Mitsubishi Corporation's proposed acquisition of equity stakes in TVS Certified Private Limited and TVS Vehicle Mobility Solution Private Limited. The move marks Mitsubishi Corporation's strategic foray into India's automotive sector.
The approved acquisition pertains to Mitsubishi Corporation's acquisition of a certain equity stake in TVS Certified (Target 1) and TVS Vehicle Mobility Solution (Target 2).
Target 1, TVS Certified, specializes in the sale of pre-owned vehicles through offline auctions primarily conducted in physical auction yards. On the other hand, Target 2, TVS Vehicle Mobility Solution, is engaged in diverse activities including dealership and distribution of commercial vehicles, passenger vehicles (including electric variants), construction equipment, material handling vehicles, and provision of motor vehicle services and spare parts dealerships.
Mitsubishi Corporation, a global business enterprise operating across 90 countries and regions with a diverse portfolio spanning industries such as natural gas, automotive, consumer goods, and more, views this acquisition as a strategic move to enhance its presence in India's automotive and mobility landscape.
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