CCI Clears Citrus Move to Raise Hitachi Machinery Stake
The Competition Commission of India (CCI) has approved Citrus Investment LLC’s proposal to acquire an additional 0.4 per cent shareholding in Hitachi Construction Machinery Co., Ltd. (HCM) and gain sole control of HCJI Holdings K.K. (HCJI).
The transaction involves Citrus purchasing the additional 0.4 per cent stake in HCM through market purchases on the Tokyo Stock Exchange. It also includes Citrus acquiring sole control of HCJI, its 50:50 joint venture, through a share buyback of the other 50 per cent shareholding in HCJI.
Citrus functions as an investment vehicle for holding shares and is not engaged in any other business activities in India or globally.
HCM is a public company listed on the Tokyo Stock Exchange and is engaged in the manufacture of construction equipment. HCJI is a holding company established to hold shares in HCM and has no other business activities in India or globally.
The detailed order of the Commission is expected to follow.
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