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The Competition Commission has cleared the Japan-based Denso Corporation’s additional 7 per cent stake acquisition in auto component maker Subros. With the deal, the shareholding of Denso in Subros will increase to 20 per cent from the present 13 per cent.
In a tweet on Thursday, the competition watchdog said it “approves acquisition of 7 per cent of equity shares capital of Subros Ltd by Denso Corporation.”
In September, the board of Subros had approved the proposal to allot 52,47,150 shares worth Rs 209 crore on preferential basis to Denso. Mergers and acquisitions beyond a certain threshold require the approval of the Competition Commission of India (CCI).
According to the CCI, Subros is an integrated manufacturing unit in India for automotive air-conditioning systems, while Denso is a global automotive components manufacturer, headquartered in Japan.
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