CCI clears International Finance Corp's acquisition of debentures in Napino

Fair trade regulator CCI on Tuesday said it has approved the proposed subscription to compulsory convertible debentures of Napino Auto and Electronics Ltd by International Finance Corporation.

International Finance Corporation (IFC) is a member of the World Bank Group. It helps developing countries achieve sustainable growth by financing private sector investment and providing advisory services to businesses and governments.

The Competition Commission of India (CCI) has approved subscription to compulsory convertible debentures (CCDs) of Napino Auto and Electronics Limited (Napino) by International Finance Corporation, CCI said in a release.

Napino is engaged in the business of automotive electronics and components in India. It manufactures electrical and electronic products primarily for two-wheelers and a small segment of three-wheeler and four-wheeler vehicles.

Further, through its affiliates, Napino also provides certain Electronic manufacturing services (EMS)/ Original Design Manufacturing (ODM) services, data collection devices and data centre network infrastructure and related implementation/managed services.

The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.