India, June 24 -- The Competition Commission of India (CCI) has approved the acquisition of a 21% voting stake in Astemo Ltd. by Honda Motor Co., Ltd. from Hitachi, Ltd..
The transaction will increase Honda's ownership in Astemo, a Japan-based automotive technology and components company that is currently jointly controlled by Honda, Hitachi, and JICC-01 Investment Business Limited Partnership.
In India, Honda operates across automobiles, two-wheelers, power products, automotive components, and research & development activities. Astemo is primarily engaged in the manufacture and sale of automotive components for automobiles and two-wheelers, supply of components for power products, and related R&D activities.
The CCI's approval paves the...