CCI Approves Craftsman Automation's Acquisition of Sunbeam Lightweighting

New Delhi, Sep 24 (PTI) Fair trade regulator CCI on Tuesday approved Craftsman Automation's acquisition of 100 per cent share capital of Sunbeam Lightweighting Solutions.

"The proposed combination envisages acquisition of 100 per cent share capital (on a fully diluted basis) of Sunbeam Lightweighting Solutions Pvt Ltd (Target) by Craftsman Automation Ltd (Acquirer)," CCI said in a release.

Craftsman Automation Ltd is a publicly listed company incorporated in India with diversified operations in powertrain, aluminium products and industrial & engineering segments.

Sunbeam Lightweighting Solutions has operations in the automotive aluminium die-casting industry with a focus on aluminium auto-components for two-wheelers and passenger vehicles. It is a wholly-owned subsidiary of Mumbai-based private equity firm Kedaara Capital.

The Competition Commission of India (CCI) said it has granted its nod for the deal.

Deals beyond a certain threshold have to be approved by CCI, which keeps a tab on unfair business practices.