CCI approves subscription to compulsory convertible debentures of Napino Auto and Electronics Ltd by IFC
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 (IFC).
IFC
is an international organisation, established in 1956 to further economic
growth in its developing member countries by promoting private sector
development. It is a member of the World Bank Group. IFC helps developing
countries achieve sustainable growth by financing private sector investment,
mobilizing capital in international financial markets, and providing advisory
services to businesses and governments.
Napino
is engaged in the business of automotive electronics and components in India.
It manufactures electrical and electronic products primarily for 2-wheeler and
a small segment of 3-wheeler and 4-wheeler vehicles. Further, Napino is also
engaged in certain ancillary businesses pertaining to Internet of Things (IoT),
smart data devices, prototyping, hardware designing, digital solutions, etc.
Napino through its affiliates also provides certain Electronic manufacturing
services (EMS)/Original Design Manufacturing (ODM)
services, data collection devices and data center network infrastructure and
related implementation/managed services.
Detailed
order of the CCI will follow.