CCI Clears Bharat Forge’s Acquisition of AAM India Manufacturing

The Competition Commission of India (CCI) has approved Bharat Forge Ltd.’s acquisition of AAM India Manufacturing Corporation Pvt Ltd. The clearance was granted following voluntary modifications proposed by the involved parties. Details of these modifications were not disclosed in the public domain.

As of 9:40 am on April 23, 2025, Bharat Forge share price was trading at ₹1,115.20, a 1.05% up, but down 8.30% over the past month and 21.59% over the past six months.

Transaction Background

Bharat Forge is involved in the manufacturing of forged components and engineering solutions across multiple sectors. AAM India Manufacturing operates in the axle manufacturing space for commercial vehicles. The proposed deal falls under the regulatory threshold requiring antitrust clearance.

The CCI had earlier sought public feedback on the transaction, citing possible concerns around market competition. The deal has now been approved, subject to the companies’ compliance with the agreed-upon voluntary changes.

Structural Changes to the Target Company

Before the acquisition takes place, AAM India Manufacturing will separate its Pune Business Office, which handles IT support and product engineering services. Additionally, its components business division will also be carved out.

As part of the restructuring, the company will acquire e-axle assembly lines from AAM Auto Component India Pvt Ltd, another group subsidiary under AAM Holdco.

Read more: CCI Approves ₹20.24 Crore Settlement with Google in Android TV Antitrust Case

Other Approvals on the Same Day

The CCI also cleared two other transactions:

• Kandhari Global Beverages Pvt Ltd has been permitted to acquire certain business divisions of Hindustan Coca-Cola Beverages in North Gujarat and Diu. Kandhari is currently engaged in beverage supply operations in Rajasthan.
• 360 ONE Private Equity Fund has received approval to acquire equity shares in Bharti Axa Life Insurance Co. The deal will be executed in two stages—initial purchase of shares from Bharti Life Ventures, followed by a joint subscription in the insurance company.

Conclusion

The CCI’s decision allows the transactions to proceed, provided the parties implement the proposed structural changes to address regulatory concerns.

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