CCI Clears Citrus Investment’s Increased Stake in Hitachi Construction Machinery, Grants Sole Control Over JV

April 7, 2026 : The Competition Commission of India has approved a proposed combination involving Citrus Investment LLC and Hitachi Construction Machinery Co., Ltd., allowing Citrus to acquire an additional 0.4% stake in the Japanese company and assume sole control over HCJI Holdings K.K..

The approval was granted through a press release dated April 7, 2026, with the Commission noting that a detailed order will follow.

The transaction comprises two components. First, Citrus will acquire an additional 0.4% shareholding in Hitachi Construction Machinery through market purchases on the Tokyo Stock Exchange. Second, Citrus will transition from joint to sole control of HCJI Holdings K.K., previously a 50:50 joint venture, through a share buyback mechanism resulting in acquisition of the remaining 50% stake.

Citrus Investment LLC functions purely as an investment vehicle and does not engage in any operational business activities in India or globally. Hitachi Construction Machinery Co., Ltd. is a publicly listed entity engaged in the manufacture of construction equipment. HCJI Holdings K.K., for its part, operates solely as a holding company for shares in Hitachi Construction Machinery and does not undertake any independent commercial operations.

After assessing the structure of the transaction and the limited operational overlap between the parties, the Commission found no competition concerns arising from the proposed combination. The approval effectively enables Citrus to marginally increase its shareholding in Hitachi Construction Machinery while consolidating full control over the joint venture entity.