Fair trade regulator CCI has given its nod to Japanese firm JTEKT Corporation's proposed acquisition of further stake in its Indian joint venture Sona Koyo Steering Systems Ltd (SKSSL).
In a tweet, the Competition Commission of India (CCI) said it has approved the "acquisition of stake in Sona Koyo Steering Systems Ltd by JTEKT Corporation".
According to the notice submitted to the CCI, JTEKT Corporation would purchase 4.99 crore shares of SKSSL from its Indian partner Sona Autocomp Holding.
The shares amount to 25.12 per cent of the issued, subscribed and paid up capital of SKSSL, according to the notice.
JTEKT Corporation, in India, is mainly engaged in the manufacture and sale of various types of bearings, machine tools and mechatronics through its subsidiaries.
SKSSL manufactures steering systems for passenger cars and utility vehicles. It supplies steering assemblies to Maruti Suzuki and several global automakers, including Toyota, Tata Motors, Mahindra & Mahindra, Honda, Renault Nissan and Ford.
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