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Competition Commission clears Blackstone-Sona BLW deal

According to the CCI, the deal involves acquisition of up to 66.28 per cent share capital in Sona BLW by Blackstone Group and merger of Comstar in Sona BLW.

PTI|
Dec 21, 2018, 09.18 PM IST
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In a separate tweet, the Competiton Commission of India approved acquisition of Tokyo-based Integral Corporation's minority stake in Toyo Engineering.
The Competition Commission Friday said it has cleared a deal involving Blackstone Group, auto parts maker Sona BLW Precision Forgings and Chennai-based Comstar Automotive.

According to the CCI, the deal involves acquisition of up to 66.28 per cent share capital in Sona BLW by Blackstone Group and merger of Comstar in Sona BLW.

Currently, Comstar Automotive is a wholly-owned subsidiary of Blackstone Group.

In a tweet on Friday, the Competiton Commission of India (CCI) said it "approves proposed combination between Sona BLW Precision Forgings Ltd, Blackstone Group, Comstar Automotive Technologies Pvt Ltd and Comstar Automotive Hong Kong Limited".

Blackstone is a global private equity major, while Sona BLW is a subsidiary of Sona Autocomp Holding Pvt Ltd (SAHPL), which holds 67.44 per cent shares in Sona and the remaining is with JM Financial Trustee.

It is engaged in manufacturing precision forged bevel gears, differential case assemblies and other auto-components.

In a separate tweet, the CCI approved acquisition of Tokyo-based Integral Corporation's minority stake in Toyo Engineering.

According to the CCI, Toyo is listed on the Tokyo Stock Exchange, and in India, it operates through its subsidiary Toyo Engineering India.

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