The Competition Commission of India (CCI) said on Tuesday that it has approved the acquisition of equity stakes in TVS Certified Private Limited and TVS Vehicle Mobility Solution Private Limited by global giant Mitsubishi Corporation.
Mitsubishi develops and operates businesses with offices and subsidiaries in 90 countries and regions and around 1,700 group companies around the world and operates across industries including natural gas, industrial materials, petroleum & chemicals, mineral resources, industrial infrastructure, automotive & mobility, food industry, consumer industry, power solution, and urban development.
TVS Certified Private Limited is engaged in the business of sale of used vehicles by conducting auctions mainly through offline channels in physical auction yards.
TVS Vehicle Mobility Solution is engaged in the business of dealerships and distribution of commercial vehicles and passenger vehicles, including electric vehicles and construction equipment, and material handling vehicles. The company also deals with motor vehicle services and undertakes dealerships and distribution of spare parts for vehicles.