CCI Approves Honda Motor's Proposed Acquisition Of 21% Stake In Astemo From Hitachi

The Competition Commission of India on Tuesday approved Honda Motor Co., Ltd.'s proposed acquisition of 21% voting interest in Astemo Ltd from Hitachi Ltd.

According to a press release issued by the Commission, the proposed combination involves Honda acquiring the stake in Astemo from Hitachi.

Honda Motor, the flagship company of the Honda Group, is engaged in the manufacture and sale of automobiles, two-wheelers, power products, automotive components, and related research and development activities.

Astemo Ltd, incorporated in Japan and reorganized in 2021 following a merger, is presently jointly controlled by Honda, Hitachi and JICC-01 Investment Business Limited Partnership. In India, Astemo is primarily involved in manufacturing and sale of automotive components for automobiles and two-wheelers, sale of components for power products, and ancillary research and development activities.

The Commission stated that a detailed order will follow.