The Competition Commission of India (CCI) has approved the acquisition of joint control of the leasing division of Tata Capital Financial Services by Century Tokyo Leasing. The CCI approved the deal 20 days after being notified of it under section 6 of the Competition Act, 2002. In making its order the CCI set out parameters of control and provided interpretational guidance for future cases.
An Amarchand Mangaldas competition law team led by Nisha Kaur Uberoi, a Mumbai-based partner, advised Century Tokyo Leasing on the deal. In-house counsel for Tata Capital Financial Services provided information on the filing to the Amarchand Mangaldas team.
This is the third transaction filed by Amarchand Mangaldas’ competition team in Mumbai which has been cleared by the CCI without question. Amarchand Mangaldas has filed 24 notifications of combinations with the CCI. While all were approved within 30 days of filing, six were cleared without the CCI pointing out any defects or requesting any additional information. The firm has competition law practices in Mumbai and Delhi.
Ryo Kotoura a Tokyo-based partner at Anderson Mori & Tomotsune, advised Century Tokyo Leasing on the transactional aspects of the transaction. Kotoura, who works primarily on Japan-India-related matters, was assisted by Kaori Deguchi, a Tokyo-based associate.
Century Tokyo Leasing is listed on the Tokyo Stock Exchange. It is a part of the Mizuho Financial Group and is engaged in leasing in eight jurisdictions. Tata Capital Financial Services is a subsidiary of Tata Capital and is registered with the Reserve Bank of India as a non-deposit accepting non-banking financial company. It mainly provides corporate and consumer finance.