The Competition Commission of India (CCI) has approved the acquisition of certain shareholding in Hitachi Astemo Ltd. (HAL) by JICC-01 Limited Partnership and Honda Motor Co. Ltd. (HMCL);  and acquisition of certain shareholding of Hitachi Astemo Electric Motor Systems (HAEMS) by Hitachi Astemo Ltd.

The proposed combination relates to the following -

1. 1. The acquisition of 20% voting rights in HAL by JICC, together with certain control rights, board representation and other rights;
   2. The acquisition of additional 6.6% voting rights in HAL by HMCL, such that 40% of the voting rights in HAL are held by HMCL; and
   3. The acquisition of 49% shareholding in HAEMS by HAL, such that 100% of the shareholding of HAEMS is held by HAL.

 (collectively referred to as, Proposed Combination).

The JICC-01 Limited Partnership is a Japanese limited partnership, managed by JICC G.K., a wholly owned subsidiary of JIC Capital, Ltd. JIC Capital is a wholly owned subsidiary of Japan Investment Corporation (JIC). JIC, founded in 2018, is a sovereign wealth fund of the Government of Japan. Its purpose is to generate a virtuous cycle of risk capital to support next-generation industries in Japan.

The Honda Motor Co. Limited is a limited liability, joint stock Corporation incorporated in Japan. In India, HMCL is largely engaged in activities such as manufacture and sale of automobiles, two-wheelers, power products, auto parts, related research and development, etc.

The Hitachi Astemo, Limited was incorporated in 2021 by merger of Hitachi Automotive Systems Ltd., Keihin Corporation, Showa Corporation, and Nissin Kogyo Co., Ltd. In India, HAL is largely engaged in manufacture of auto parts for automobiles and two-wheeled motor vehicles, and related research and development.

The HAEMS, previously known as Hitachi Automotive Electric Motor Systems is a company incorporated in Japan. It is engaged in the development, manufacture, and sales of motors for electric vehicles.

Detailed order of the Commission will follow.

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