New Delhi: Fair trade regulator CCI on Thursday approved acquisition of Panasonic's battery business by Japan's GS Yuasa Corp.For latest news on Business, like us on Facebook and follow us on Twitter.
In October last year, Panasonic agreed to transfer its lead acid battery business, which is mainly operated by its wholly-owned subsidiary Panasonic Storage Battery Co Ltd (PSB), to GS Yuasa.
In a tweet, the Competition Commission of India (CCI) said, "...approves acquisition of lead-acid storage battery business of Panasonic Corporation by GS Yuasa International Limited."
As per the agreement, Panasonic will transfer 85.1 per cent of PSB shares to GS Yuasa and will own the remaining 14.9 per cent for two years in order to support the business transition.
Panasonic will also transfer lead acid batteries business in overseas to GS Yuasa Group in addition to this transfer.
In India, GS Yuasa is present through a joint venture with Tata group firm Tata AutoComp Systems Ltd. The joint venture TATA AutoComp GY Batteries Pvt Ltd produces Tata Green Batteries.
It has its manufacturing unit at MIDC Ranjangaon, near Pune in Maharashtra.
GS Yuasa is engaged in manufacturing and sales of automotive batteries, industrial batteries, power supply systems, switch gear and lighting equipment, among others.