The Competition Commission of India on Wednesday approved the 100 per cen acquisition of Wistron Infocomm Manufacturing (India) Private Limited by Tata Sons’ greenfield venture, the Tata Electronics Private Limited.
According to a statement by CCI, Tata Electronics will acquire Wistron Infocomm’s equity share capital from SMS Infocomm (Singapore) Private Limited and Wistron Hong Kong Limited.
Both SMS Infocomm and Wistron Hong Kong owned 99.99 per cent while 0.01 per cent of the Wistron Infocomm Manufacturing (India) share capital on a fully diluted basis, respectively.
Tata Electronics is involved in the manufacture of smartphone enclosures, which happens to be a high precision component for smartphones.
Wistron Infocomm, established in 2017, is an electrical and electronics manufacturing company engaged in electronic manufacturing services for smartphones in India, at its plant in Karnataka.
A notice submitted to the competition regulator stated,”The proposed transaction does not exhibit any horizontal overlaps, existing vertical linkages or complementary linkages between the parties. A potential vertical overlap arises which would not have any appreciable adverse effect on competition.”
