The Competition Commission of India (CCI) has approved subscription to Compulsory Convertible Debentures (CCDs) of Napino Auto and Electronics Limited (Napino) by International Finance Corporation (IFC).

IFC is an international organisation, established in 1956 to further economic growth in its developing member countries by promoting private sector development. It is a member of the World Bank Group. IFC helps developing countries achieve sustainable growth by financing private sector investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments.

Napino is engaged in the business of automotive electronics and components in India. It manufactures electrical and electronic products primarily for 2-wheeler and a small segment of 3-wheeler and 4-wheeler vehicles. Further, Napino is also engaged in certain ancillary businesses pertaining to Internet of Things (IoT), smart data devices, prototyping, hardware designing, digital solutions, etc. Napino through its affiliates also provides certain Electronic manufacturing services (EMS)/Original Design Manufacturing (ODM) services, data collection devices and data center network infrastructure and related implementation/managed services.

Detailed order of the CCI will follow.

****

NB/VM/KMN

(Release ID: 2018635) Visitor Counter : 1490