The Competition Commission of India (CCI) has approved acquisition by Citrus Investment LLC (Citrus) of (i) additional shareholding of 0.4% in Hitachi Construction Machinery Co., Ltd. (HCM) and (ii) sole control of its 50:50 joint venture, HCJI Holdings K. K. (HCJI).

The Proposed Combination involves acquisition by Citrus of (i) additional shareholding of 0.4% in HCM through market purchases on a regulated stock exchange, i.e., the Tokyo Stock Exchange, and (ii) sole control of its 50:50 joint venture, HCJI, through a share buyback by HCJI of the 50% shareholding in HCJI.

Cirtus operates as an investment vehicle to hold shares and is not engaged in any other businesses/ activities in India or globally.

HCM is a public company listed on the Tokyo Stock Exchange. It is engaged in the business of manufacturing construction equipment.

HCJI is a holding company, established to hold shares in HCM. Apart from holding shares in HCM, HCJI does not have any activities globally or in India.

Detailed order of the Commission will follow.

Acquisition of sole control and minor shareholding increase in a joint venture were approved under competition law scrutiny. Acquisition of an additional 0.4% shareholding in Hitachi Construction Machinery Co., Ltd. through market purchases, together with acquisition of sole control over the 50:50 joint venture HCJI Holdings K. K. through a share buyback, was approved by the Competition Commission of India. Citrus Investment LLC is an investment vehicle with no other business activities, while HCM manufactures construction equipment and HCJI is a holding company with no other activities.