Mitsubishi Corp Acquires Stakes in TVS Group: CCI Approval

New Delhi, Jun 11 (PTI) The Competition Commission of India (CCI) on Tuesday said it has cleared Mitsubishi Corporation's proposed acquisition of stakes in TVS Certified and TVS Vehicle Mobility Solution.

TVS Certified Pvt Ltd is engaged in the business of the sale of used vehicles by conducting auctions, mainly through offline channels in physical auction yards.

"The proposed combination relates to Mitsubishi Corporation (Acquirer) acquiring an equity stake in TVS Certified Pvt Ltd (Target 1) and TVS Vehicle Mobility Solution Pvt Ltd (Target 2)," CCI said in a release.

Mitsubishi Corporation is a global integrated business enterprise that develops and operates businesses in 90 countries.

TVS Vehicle Mobility Solution is engaged in the business dealership and distribution of commercial vehicles, passenger vehicles and motor vehicle services and undertaking dealership and distribution of spare parts for vehicles for a specific manufacturer.

In another release, CCI granted its clearance to BlackRock Funding Inc. to acquire Global Infrastructure Management, LLC.

"The proposed combination relates to the acquisition of 100 per cent of the limited liability company interests in Global Infrastructure Management, LLC (GIM) by BlackRock Funding, Inc (BFI)," CCI said.

BFI is a newly formed wholly-owned subsidiary of BlackRock Inc (BlackRock). The firm is active in the provision of global investment management, risk management and advisory services to institutional and retail clients around the world.

BlackRock manages assets on behalf of institutional and individual investors worldwide.

New York City-headquartered GIM is a global independent infrastructure fund manager. GIM and its affiliates manage certain investment funds operating under the trading name Global Infrastructure Partners (the GIP Funds).

The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.