The Competition Commission of India has approved the acquisition of Toyota Industries Corporation by Toyota Asset Preparatory Co., Ltd.

The Proposed Combination relates to the proposed acquisition by Toyota Asset Preparatory Co., Ltd. (Acquirer) of 100% shareholding of Toyota Industries Corporation (TIC/Target) and is being undertaken to effectuate the restructuring and consolidation of TIC within the Toyota group. The Acquirer will eventually be held to the extent of ~99% by Toyota Fudosan Co., Ltd. (TFC).

The Acquirer is an investment vehicle and is established for the purposes of the Proposed Combination. It is not engaged in any businesses / activities in India or globally. Toyota Motor Corporation (TMC), however, is primarily engaged in the manufacture and sale of automobile vehicles and automotive parts in India.

In India, the Target is engaged in sales and servicing of material handling equipment, manufacture and sales of engines and transmission parts for passenger vehicles, manufacture and sales of textile machinery, and provision of automated logistics solutions.

Detailed order of the Commission will follow.

Toyota asset transfer: Toyota Asset Preparatory to acquire Toyota Industries Corporation, impacting material handling and automotive parts operations. The Competition Commission approved the Proposed Combination whereby Toyota Asset Preparatory Co., Ltd., an investment vehicle established for the transaction and to be largely held by Toyota Fudosan Co., Ltd., will acquire 100% of Toyota Industries Corporation as part of intra-group restructuring; in India, the Target is engaged in sales and servicing of material handling equipment, manufacture and sale of engines and transmission parts, textile machinery production, and automated logistics solutions, and a detailed Commission order will follow.