CCI clears Tata Electronics-Wistron deal
In October last year, Wistron Group announced it agreed to sell a plant in Bengaluru to the Tata Group.
The Competition Commission of India (CCI) on Tuesday cleared Tata Electronics' proposed acquisition of Taiwan-based Wistron's operations in India.
Wistron Infocomm Manufacturing (India) operates an iPhone assembly plant near Bengaluru.
In October last year, Wistron Group announced it agreed to sell a plant in Bengaluru to the Tata Group.
According to an update on the CCI's website on Tuesday, the regulator has cleared the deal between Tata Electronics and Wistron.
Tata Electronics proposes to acquire 100% of the Wistron Infocomm Manufacturing (India) equity share capital from SMS Infocomm (Singapore) Pvt Ltd (SMS Infocomm) and Wistron Hong Kong Ltd (Wistron HK), as per a notice submitted to the regulator.
SMS Infocomm and Wistron HK owned 99.99% while 0.01% of the Wistron Infocomm Manufacturing (India) share capital on a fully diluted basis, respectively.
Wistron InfoComm Manufacturing (India) was incorporated in 2017 by the Wistron group.
"The proposed transaction does not exhibit any horizontal overlaps, existing vertical linkages or complementary linkages between the parties.
"A potential vertical overlap arises which would not have any appreciable adverse effect on competition," the notice, submitted to the CCI seeking a nod for the deal, said.
Wistron's board approved the sale of Wistron InfoComm Manufacturing (India) to Tata Electronics, part of Tata Group, for $125 million, as per an announcement last year.
Apple's iPhones are mainly assembled by Taiwanese manufacturing giants like Pegatron Corp and Foxconn Technology Group.
Edited by Suman Singh
