The Competition Commission of India on Wednesday said it has cleared the minority stake buy in VVDN Technologies Pvt. by Applied Materials Inc.
The deal has been approved under the green channel route, the fair trade regulator said.
VVDN Technologies is engaged in the business of providing Electronic Manufacturing Services (EMS) and Original Design Manufacturing (ODM) services to both domestic and global customers.
The proposed combination involves the acquisition of minority equity stake in VVDN Technologies by Applied Materials South East Asia Pte Ltd through primary and secondary transactions, CCI said.
Applied Materials South East Asia Pte Ltd is a subsidiary of US-based Applied Materials, Inc. The latter develops, manufactures, and markets equipment, and software for manufacturing advanced semiconductor devices, flat panel displays, and solar panels, etc.
"Given that there are no horizontal, vertical and complementary overlaps between the activities of the parties in India. The proposed transaction does not raise any risk of an appreciable adverse effect on competition and is being notified under the green channel route,' according to an update on CCI's website.
Under the green channel route, a transaction which does not raise any risk of an appreciable adverse effect on competition is deemed to be approved on being intimated to the fair-trade regulator.
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