CCI Clears ICICI AMC, Toyota, And Jindal Deal Approvals

According to the regulator, the transaction involves ICICI Prudential AMC taking over selected businesses operated by ICICI Venture Funds. ICICI AMC currently manages mutual funds, provides portfolio management and advisory services, and oversees alternative investment funds. The company is a joint venture between ICICI Bank and Prudential Corporation Holdings, a subsidiary of Prudential Plc.

Under the agreement, ICICI AMC will assume control of two major segments: the investment management business overseeing five Sebi-registered alternative investment funds, and the advisory business that offers non-exclusive, non-binding recommendations to a designated offshore investment fund. This advisory function covers private equity investment recommendations in India.

In a separate announcement, the CCI also approved the acquisition of Toyota Industries Corporation by Toyota Asset Preparatory Co Ltd. The transaction involves the purchase of 100 per cent of Toyota Industries Corporation’s shareholding as part of a restructuring within the Toyota group. Toyota Asset Preparatory will ultimately be held 99 per cent by Toyota Fudosan Co Ltd.

While the acquirer itself has no operational activity in India or internationally, Toyota Motor Corporation continues to manufacture and sell vehicles and automotive components in India. Toyota Industries Corporation operates in several segments within India, including material handling equipment sales and servicing, production of engines and transmission parts, textile machinery manufacturing, and automated logistics solutions.

Additionally, the regulator has cleared Jindal Jhajjar Power Ltd’s acquisition of the entire shareholding of Jhajjar Power Ltd. Jindal Jhajjar is a wholly-owned subsidiary of Jindal Power Ltd, which is involved in thermal and other power generation activities. Jhajjar Power also operates in thermal power production.

These approvals fall under the thresholds that require mandatory CCI clearance, ensuring transparency and fair competition across sectors.