This Article is From Jan 02, 2017

Hinduja Foundries-Ashok Leyland Deal Gets CCI Nod

Hinduja Foundries-Ashok Leyland Deal Gets CCI Nod
New Delhi: The Competition Commission has approved the proposed merger of auto components firm Hinduja Foundries with heavy commercial vehicle maker Ashok Leyland. Both companies are part of the diversified Hinduja Group.
     
In a tweet, Competition Commission of India (CCI) said it has approved "merger of Hinduja Foundries into Ashok Leyland". The board of directors of Hinduja Foundries in September approved the amalgamation of the company with Ashok Leyland.
     
Hinduja Foundries manufactures grey iron castings used in vehicles, and construction equipment, among others. Ashok Leyland is mainly into commercial and defence vehicles.
   
CCI has also cleared the purchase of equity stake in Indus Towers Ltd by P5 Asia Holding Investments (Mauritius) Ltd. As per a filing to the fair trade regulator, P5 Asia Holding Investments would acquire 4.85 per cent equity shares of Indus Towers.
   
 "CCI approves acquisition of equity stake in Indus Towers Ltd by P5 Asia Holding Investments (Mauritius) Ltd," it said in another tweet.
     
P5 is an investment holding company owned by global private equity firm Providence Equity Group. Indus Towers offers infrastructure services to telecom operators and wireless services providers.

In another tweet, CCI said it has approved acquisition of Emerson's motors, drives and electric power generation business by Nidec Corporation.

Nidec Corporation is into manufacturing of automotive, appliance, commercial and industrial products, among others while Emerson is active in industrial automation, network power, and other segments.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)