Elliott Investment Mgmt's proposal get CCI nod to acquire stake in Toyota Industries Corp

New Delhi, Jan 28 (PTI) Fair trade regulator CCI has approved US-based Elliott Investment Management's proposal to acquire a stake in Toyota Industries Corporation.
    "The proposed acquisition relates to the acquisition of certain equity shareholding and voting rights of Toyota Industries Corporation by the acquirers through one or more on-market purchase(s) on the Prime Market of the Tokyo Stock Exchange (TSE) and/or the Premier Market of the Nagoya Stock Exchange (Nagoya SE)," according to a release.
    "Commission approves acquisition of certain shareholding of Toyota Industries Corporation by Elliott Associates, LP, Elliott International, LP, and The Liverpool Limited Partnership (Acquirers)."
    Elliott Investment Management (EIM) is the management affiliate of American hedge funds Elliott Associates LP and Elliott International Ltd, while the Liverpool Limited Partnership is managed and/ or advised by EIM.
    Toyota Industries Corporation's presence in India includes Toyota Kirloskar Motor (cars), Toyota Kirloskar Auto Parts (transmissions), and textile machinery.
    Toyota Industries Corporation is engaged in the manufacturing and sale of automobiles, materials handling equipment (such as lift trucks and automated logistics solutions), and textile machinery.
    In a separate release on Tuesday, the Competition Commission of India (CCI) cleared the proposed acquisition of certain unitholding in National Highways Infra Trust by Nitro Asia Holdings II Pte Ltd.
    The proposed combination envisages the acquisition of a certain unitholding of the target (NHIT) by the acquirer through on-market transactions on a registered stock exchange, the release said.
     National Highways Infra Trust (NHIT) is a Sebi-registered infrastructure investment trust, while Nitro Asia Holdings II Pte Ltd (acquirer) is a special purpose vehicle incorporated in Singapore.
    Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.

(This story has not been edited by THE WEEK and is auto-generated from PTI)