The Competition Commission of India (CCI) has given its approval to T S Rajam Rubbers Private Limited and Dhinrama Mobility Solutions Private Limited to acquire stake in TVS Supply Chain Solutions Private Limited.
The approval by the competition watchdog was given on Tuesday. Both T S Rajam Rubbers and Dhinarama Mobility Solutions are owned and controlled by T S Rajam family.
The two entities have acquired the stake in TVS Supply Chain Solutions from an existing shareholder.
"The acquirers (the two entities who have taken the stake) are wholly owned subsidiaries of TVS Mobility Private Limited, which is owned and controlled by Shri T S Rajam Family. The T S Rajam Family members are the promoters of the target (TVS Supply Chain Solutions)," a statement issued by the Ministry of Corporate Affairs said.
The target is an unlisted public company and along with its affiliates, it is engaged in provision of logistics and supply chain solutions services in India and abroad, the statement added further.
"The proposed transaction will simplify the shareholding structure of the target and will help in better alignment between strategic objectives of the management and shareholders as the acquirer promoter group would be holding a majority stake in the target post the proposed transaction," a notice filed earlier with CCI said.