The Competition Commission of India (CCI) has approved the acquisition of up to 8.79% (approx.) of the equity share capital of Pricol Limited (Pricol/Target) by Minda Corporation Limited (Minda/Acquirer).

The Proposed Combination relates to an acquisition of up to 8.79% (approx.) of the equity share capital of Pricol by Minda.

The Acquirer is engaged in the business of manufacturing of auto - components parts and caters to Original Equipment Manufacturers (OEMs) and Tier-1 in various segments in India.

The Target is engaged in the business of manufacturing of automobile components for OEMs, Tier-1 and replacement markets across India and globally.

Detailed order of the CCI will follow.

Merger control: Competition approval granted for minority share acquisition affecting automotive component supply to OEMs and Tier 1 suppliers. Approval by the Competition Commission of India is recorded for Minda Corporation Limited to acquire up to 8.79% of the equity share capital of Pricol Limited, a minority equity acquisition; both parties operate in the automotive components sector supplying OEMs and Tier 1 suppliers, and the detailed CCI order will follow.