A PYMNTS Company

India/Japan: Mitsubishi joint venture cleared by CCI

 |  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.

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

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.