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India/Japan: Mitsubishi joint venture cleared by CCI

By  |  July 1, 2014

The Competition Commission of India has given regulatory approval for the proposed joint venture between Japan’s Mitsubishi Corp and Tata Consultancy Services, according to reports.

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    The venture will be based in Japan.

    Tata Consultancy first struck an agreement last April to merge two of its Japanese units with a unit of Mitsubishi. The combined entity will be an IT company worth an estimated $600 million.

    The CCI said that the merger will not likely harm competition within India.

    Tata Consultancy Services Asia Pacific will own a 51 percent stake in the venture. The company, based in Singapore, is a subsidiary of Tata consultancy Services. Tata Consultancy Services Japan is a subsidiary of the Singapore unit.

    While Mitsubishi holds a presence within India, it does not have a share of the nation’s IT market.

    Full content: Zee News

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