CCI Unconditionally Approves Honda’s Move To 61% In Astemo

Combination Registration No. C-2026/04/1411, Honda Motor Co., Ltd. (‘Honda’), Hitachi, Ltd. (‘Hitachi’), and Astemo, Ltd. (‘Astemo’)

Proposed Transaction

Honda manufactures passenger vehicles in India through Honda Cars India Limited, two-wheelers through Honda Motorcycle and Scooter India Pvt. Ltd., and power products through Honda India Power Products Ltd. Astemo supplies automotive and power product components and has been jointly controlled by Honda, Hitachi, and JICC-01 Investment Business Limited Partnership since October 2023. Since Astemo already belongs to the Honda group, the Order records that references to the acquirer group exclude the target group throughout.

On June 23, 2026, the CCI approved Honda’s acquisition of a 21% voting interest in Astemo from Hitachi, taking Honda’s voting rights from 40% to 61%. The notice was filed on April 10, 2026, following a share purchase agreement and a shareholders’ agreement, both dated December 16, 2025, the latter executed with