The Competition Commission has approved the proposed merger between auto majors Peugeot SA and Fiat Chrysler Automobiles N.V.
PSA is the holding company of a France-based group which is mainly an original equipment manufacturer and dealer of motor vehicles, passenger cars as well as light commercial vehicles under the brands Peugeot, Citroen, Opel, Vauxhall and DS.
Headquarterd in London, FCA is a global automotive group engaged in designing, engineering, manufacturing, distributing and selling vehicles, components and production systems.
(Also read: EU regulators to decide on $50 billion Fiat-Peugeot deal by June 17)
An official release issued on Thursday said that the Competition Commission of India (CCI) has approved the proposed merger.
Both companies have presence in India.
In its notice seeking nod for the merger, the companies provided an assessment of competition with respect to markets for passenger vehicles and for sale of powertrains in India.
While announcing their merger in December 2019, both companies had said the merged entity would be the fourth largest original equipment manufacturer by volume and the third largest by revenue.
(Also read: Peugeot opens door for possible revision of Fiat deal dividends)
"The proposed combination will be an industry leader with the management, capabilities, resources and scale to successfully capitalise on the opportunities presented by the new era in sustainable mobility," the two companies had said in a release in December last year.
Mergers and acquisitions beyond a certain threshold require approval of the CCI, which keeps a tab on anti-competitive practices in the market place.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.