CCI Approvals on November 25, 2025

On 25 November 2025, the Competition Commission of India (CCI), under the Ministry of Corporate Affairs (MCA), approved three major acquisition proposals across the financial services, power generation, and industrial manufacturing sectors, reflecting an active phase of corporate consolidation in India.

• Acquisition of Toyota Industries Corporation (TIC) by Toyota Asset Preparatory Co., Limited
• Acquisition of Jhajjar Power Limited by Jindal Jhajjar Power Limited
• Acquisition of Certain Businesses of ICICI Venture Funds Management Company Limited by ICICI Prudential Asset Management Company (AMC)Limited.

Acquisition of Toyota Industries Corporation by Toyota Asset Preparatory:

Approval: The CCI approved the acquisition of 100% shareholding of Toyota Industries Corporation (TIC) (Target) by Toyota Asset Preparatory Co., Ltd. (Acquirer) as part of the Toyota Group’s corporate restructuring and consolidation, with the Acquirer eventually held around 99% by Toyota Fudosan Co., Ltd. (TFC).

Acquirer: Toyota Asset Preparatory Co., Ltd. is an investment vehicle created specifically for this restructuring and is not engaged in any business activities in India or globally.

Target: TIC operates across multiple segments in India, including sales and servicing of material handling equipment, manufacturing and selling engines, transmission parts, and textile machinery, and providing automated logistics solutions.

Group Entity: Toyota Motor Corporation (TMC), a key group entity, continues to be primarily engaged in manufacture and sale of automobiles and automotive components in India.

Acquisition of Jhajjar Power by Jindal Jhajjar Power:

Approval: The CCI approved 100% acquisition of Jhajjar Power Limited (Target) by Jindal Jhajjar Power Limited (Acquirer).

Transaction Structure: The acquisition was executed through a Share Purchase Agreement(SPA), under which JJPL acquired 100% equity shares and compulsorily convertible preference shares of Jhajjar Power from Apraava Energy Private Limited (AEPL) and its subsidiary entities.

Impact: The acquisition provides full control of Jhajjar Power’s operations to Jindal Jhajjar Power, further strengthening Jindal Group’s presence in the power sector.

Acquirer: Jindal Jhajjar Power Limited is a wholly-owned subsidiary of Jindal Power Limited (JPL), which is engaged in power generation, including thermal power.

Target: Jhajjar Power Limited, a thermal power producer, operates a 1,320 megawatt (MW) coal-based Thermal Power Plant (TPP) in Jhajjar, Haryana.

Acquisition of Certain Businesses of ICICI Venture Funds Management by ICICI Prudential Asset Management:

Approval: The CCI approved the acquisition of select businesses of ICICI Venture Funds Management Company Limited (Seller) by ICICI Prudential Asset Management Company (AMC) Limited (Acquirer).

Background: The move follows a decision, approved by the boards of both companies in May 2025, to shift ICICI Venture’s private equity, real-estate, and fund-management operations to ICICI Prudential AMC for consolidation under a single entity.

Acquirer: ICICI Prudential AMC, a joint venture(JV) between ICICI Bank Ltd and Prudential Corporation Holdings Ltd, manages Mutual Funds(MF), portfolio management services, alternative investment funds, and offers investment advisory services to offshore clients.

Target Businesses: The target comprises an Investment Management Business involving the management and/or sponsorship of five Securities and Exchange Board of India (SEBI)-registered Alternative Investment Funds (AIFs); and an Advisory Business providing non-exclusive, non-binding investment advice to a specified offshore Private Equity (PE) fund.

Scope: The deal enables ICICI Prudential AMC to expand its asset management and advisory operations, strengthening its position in the financial services sector.

About Competition Commission of India (CCI):
Chairperson – Ravneet Kaur
Headquarters – New Delhi, Delhi
Established – 2003