New Delhi: The Competition Commission of India (CCI) on Tuesday approved a bunch of acquisition applications, spanning sectors like pharmaceuticals and electronic goods.
The CCI approved a request from investment fund Madison India Opportunities Ltd to acquire an equity stake in mobile phone manufacturing company Micromax Informatics Ltd. Madison India had approached the CCI seeking regulatory clearance to pick up a 2% stake in the company, where it already has a 0.4% stake.
The CCI also accepted the acquisition of drug manufacturer Pfizer Inc’s global infusion system business by US-based ICU Medical Inc. The infusion system – Hospira Infusions Systems – will be bought for $1 billion in cash and stock, according to Pfizer’s website.
The antitrust regulator also approved the creation of a joint venture between Japanese companies TDK Corp and Toshiba Corp to make and sell automotive inverters globally.
Under the Competition Act, 2002, companies seeking to merger, acquire or sell businesses are required to seek regulatory clearance from the CCI. The CCI assesses whether such a move can impact the competition in the market adversely and accordingly approves the acquisition or merger.
The CCI made these announcements on its official handle on the microblogging website Twitter.