India’s competition regulator has cleared the deal, paving the way for Cyient to take full ownership of the digital technology services provider.
On 25 August, the Competition Commission of India (CCI) approved Cyient Limited's proposed acquisition of the entire share capital of Tao Digital Solutions Inc.
Cyient is an Indian public limited company engaged in engineering and technology services across sectors including aerospace and defence, automotive, rail transportation, healthcare and life sciences, semiconductors, energy, industrial manufacturing, utilities, communications and spatial intelligence.
Tao Digital Solutions provides digital transformation and technology services globally, with operations spanning product engineering, managed services, cybersecurity, payments, digitisation and artificial intelligence, cloud services and data services. In India, it operates through its wholly owned subsidiary, Tao Digital India Private Limited.
Under the proposed combination, Cyient will acquire 100% of the shares of Tao Digital Solutions from its existing shareholders.
Source: LiveLaw Biz
