CCI Clears Citrus Investment's Proposed Stake Hike In Hitachi Construction Machinery, Sole Control of HCJI

The Competition Commission of India has cleared a proposed deal involving Citrus Investment LLC and Japanese construction equipment maker Hitachi Construction Machinery Co Ltd.

Under the proposed transaction, Citrus will acquire an additional 0.4% stake in Hitachi Construction Machinery through stock market purchases, and take full control of a joint venture company, HCJI Holdings K.K., which was earlier jointly owned.

Citrus is an investment firm that only holds shares and does not run any business operations. Hitachi Construction Machinery is a listed company that manufactures construction equipment, while HCJI functions only as a holding entity.

The regulator said a detailed order will follow.