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Dec 31, 2018

CCI Approves DENSO’s 7% Increase in its Shareholding in Subros

On November 22, 2018, CCI approved the proposed combination of DENSO Corporation (‘DENSO’) to increase its shareholding in Subros Limited (‘Subros’) from 13% to 20%, by way of a share subscription.[1] The transaction would also give DENSO the right to nominate one more director on the board of directors of Subros.

In India, DENSO is engaged in the manufacture and commercial sale of automotive air-conditioning systems. Subros is an integrated manufacturing unit in India for automotive air conditioning systems and engine cooling system. It also manufacturers, inter alia, compressors, condensers and heat exchangers i.e. all components of an air conditioning system. Subros is a joint venture between Suzuki Motor Corporation, DENSO and the Suri family.

CCI noted that DENSO already held 13% shareholding in Subros along with the right to nominate one director on the board of directors of Subros. Therefore, the proposed increase in shareholding by 7% and the right to nominate one more director was not likely to have any appreciable adverse effect on competition in India. Accordingly, the combination was approved by CCI.

[1] Combination Registration No. C-2018/11/614.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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