CCI approves Renault’s acquisition of Nissan’s stake in Indian joint venture
Renault Group B.V. and its nominee Renault S.A.S. will acquire equity shares and fully paid-up zero-coupon non-convertible redeemable preference shares held by Nissan Motor Company Ltd., Japan and Nissan Overseas Investments B.V. in the Indian joint venture.
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The Competition Commission of India (CCI) has approved the proposed acquisition of certain shareholding in Renault Nissan Automotive India Private Limited by Renault Group B.V. and Renault S.A.S., marking a significant restructuring of the French automaker’s operations in India.
Under the proposed deal, Renault Group B.V. and its nominee Renault S.A.S. will acquire equity shares and fully paid-up zero-coupon non-convertible redeemable preference shares held by Nissan Motor Company Ltd., Japan and Nissan Overseas Investments B.V. in the Indian joint venture.
The CCI’s green light paves the way for Renault to consolidate its ownership in the Chennai-based manufacturing entity, which has played a central role in the automaker’s India operations.
Renault Group B.V. is involved in designing, manufacturing, and marketing passenger cars, electric vehicles and mobility services globally. Renault S.A.S., on the other hand, engages in construction, trading, maintenance and rental of motor vehicles and related services.
Both are ultimately controlled by Renault S.A. and are part of the Renault Group.
The target entity, Renault Nissan Automotive India Pvt. Ltd., currently manufactures and assembles passenger vehicles, transmissions, and components for both Renault and Nissan, operating a major facility in Oragadam, near Chennai.
The detailed order from the Commission is expected to follow.
