Competition Commission of India has approved the proposed combination involving Amundi Asset Management S.A.S. (Acquirer) and ICG Plc (Target).

The proposed combination pertains to the slump sale of the low voltage motor business of Siemens Limited (Target Business) by Innomotics India Private Limited (Acquirer).

The Acquirer is engaged in the manufacturing and supply of industrial motors (High and Medium voltage) and large drive systems (Medium voltage) to sectors such as oil & gas, metals, cement, power & marine etc. The Acquirer is part of KPS Capital Partners, LP.

The Target Business is currently owned by the Siemens Limited. It sells low voltage motors for industrial applications in India and also exports them by following an outsourced manufacturing model.

Detailed order of the Commission will follow.

Low voltage motor business acquisition approved; Innomotics to acquire Siemens' unit in India through a slump sale. The Competition Commission of India approved a proposed combination for the slump sale of the low voltage motor business of Siemens Limited to Innomotics India Private Limited. The Target Business sells low voltage motors for industrial applications in India and exports under an outsourced manufacturing model. Innomotics, part of KPS Capital Partners, is an industrial motors manufacturer supplying high and medium voltage motors and large drive systems to sectors including oil and gas, metals, cement, power and marine. A detailed order will follow.