CCI Clears Citrus Stake Increase And Control Of HCJI

09 Apr 2026 CW Team

Under the proposed combination Citrus will acquire the additional zero point four per cent stake in HCM through market purchases on a regulated stock exchange, namely the Tokyo Stock Exchange, and will obtain sole control of the joint venture HCJI through a share buyback that will remove the other party's 50 per cent interest in HCJI. The CCI noted that the acquisitions change the ownership structure without creating operational integration between Citrus and the businesses held by HCM or HCJI. The transaction therefore primarily affects shareholding and governance rather than active commercial operations in India.

Citrus operates as an investment vehicle that holds shares and does not carry on other business activities in India or globally, according to the filing. HCM is a public company listed on the Tokyo Stock Exchange and is engaged in the manufacture of construction equipment, with its activities centred on the design and production of machinery. HCJI was established as a holding company to hold shares in HCM and does not conduct other business activities in India or abroad.

The CCI indicated that a detailed order will follow setting out its reasoning and any conditions if applied, and stakeholders will be able to consult the full order when published. The approval records that the change confers decision making rights on Citrus at the level of governance of HCJI and increases its equity stake in HCM marginally. The clearance reflects the CCI's view that the combination does not presently raise competition concerns requiring remedies in India.

The Competition Commission of India (CCI) has approved the acquisition by Citrus Investment LLC (Citrus) of an additional shareholding of zero point four per cent in Hitachi Construction Machinery Co., Ltd. (HCM) and of sole control of the 50:50 joint venture HCJI Holdings K. K. (HCJI). The approval concerns a proposed combination that involves two discrete transactions and was announced by the CCI. The approval follows CCI's assessment of the proposed combination to determine whether the change in control raises competition concerns. Under the proposed combination Citrus will acquire the additional zero point four per cent stake in HCM through market purchases on a regulated stock exchange, namely the Tokyo Stock Exchange, and will obtain sole control of the joint venture HCJI through a share buyback that will remove the other party's 50 per cent interest in HCJI. The CCI noted that the acquisitions change the ownership structure without creating operational integration between Citrus and the businesses held by HCM or HCJI. The transaction therefore primarily affects shareholding and governance rather than active commercial operations in India. Citrus operates as an investment vehicle that holds shares and does not carry on other business activities in India or globally, according to the filing. HCM is a public company listed on the Tokyo Stock Exchange and is engaged in the manufacture of construction equipment, with its activities centred on the design and production of machinery. HCJI was established as a holding company to hold shares in HCM and does not conduct other business activities in India or abroad. The CCI indicated that a detailed order will follow setting out its reasoning and any conditions if applied, and stakeholders will be able to consult the full order when published. The approval records that the change confers decision making rights on Citrus at the level of governance of HCJI and increases its equity stake in HCM marginally. The clearance reflects the CCI's view that the combination does not presently raise competition concerns requiring remedies in India.

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