(Photo: Ramesh Pathania/Mint)
(Photo: Ramesh Pathania/Mint)

CCI clears Johnson Controls' power solutions biz acquisition by Brookfield, CDPQ

  • The deal, which was finalised in November 2018, involves selling of automotive battery-making business of Johnson Controls
  • CDPQ Fund and CDP are wholly owned subsidiaries of Canada-based CDPQ pension fund

NEW DELHI : The Competition Commission of India (CCI) Wednesday said it has approved the $13.2-billion deal to acquire global power solutions business of Johnson Controls International by Brookfield and CDPQ.

The deal, which was finalised in November 2018, involves selling of automotive battery-making business of Johnson Controls to Brookfield, CDPQ Fund and CDP.

The CCI in a tweet said it "approves acquisition of the global power solutions business of Johnson Controls International by Brookfield and CDPQ".

CDPQ Fund and CDP are wholly owned subsidiaries of Canada-based CDPQ pension fund. Both entities do not have any direct presence in India, according to the notice seeking approval to the deal.

Brookfield is a leading global alternative asset manager with over USD 330 billion in assets under management, while CDPQ is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans, according to the competition watchdog.

Johnson Controls is engaged in selling and recycling low voltage energy storage products using lead-acid and lithium-ion technologies for use in passenger vehicles and trucks.

This story has been published from a wire agency feed without modifications to the text.

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