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Document 52023M11337

Prior notification of a concentration (Case M.11337 – MUSASHI / DELTA / TOYOTA / JV) – Candidate case for simplified procedure


OJ C, C/2023/1051, 20.11.2023, ELI: (BG, ES, CS, DA, DE, ET, EL, EN, FR, GA, HR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV)


European flag

Official Journal
of the European Union


Series C



Prior notification of a concentration

(Case M.11337 – MUSASHI / DELTA / TOYOTA / JV)

Candidate case for simplified procedure

(Text with EEA relevance)



On 10 November 2023, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1).

This notification concerns the following undertakings:

Musashi Auto Parts India private limited (‘Musashi’, India), controlled by Musashi Seimitsu Industry Co., Ltd. (Japan),

Delta Electronics, Inc. (‘Delta’, Taiwan),

Toyota Tsusho Corporation (‘TTC’, Japan).

Musashi, Delta, and TTC will acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control over a newly created company constituting a joint venture.

The concentration is accomplished by way of purchase of shares in a newly created company constituting a joint venture.


The business activities of the undertakings concerned are the following:

Musahi manufactures and supplies automotive components, notably transmission components for two- and four-wheeler vehicles,

Delta provides power and thermal management solutions,

TTC is active in the provision of distribution and logistics services for the automotive industry, as well as in the trading of metals, machinery, chemicals, foodstuffs, and electronic products.


The business activities of the newly created joint venture will be the following: supply of components, notably electric drive systems, for two-wheeler electric vehicles, primarily in India.


On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved.

Pursuant to the Commission Notice on a simplified treatment for certain concentrations under Council Regulation (EC) No 139/2004 on the control of concentrations between undertakings (2) it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.


The Commission invites interested third parties to submit their possible observations on the proposed operation to the Commission.

Observations must reach the Commission not later than 10 days following the date of this publication. The following reference should always be specified:


Observations can be sent to the Commission by email or by post. Please use the contact details below:


Postal address:

European Commission

Directorate-General for Competition

Merger Registry

1049 Bruxelles/Brussel


(1)   OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’).

(2)   OJ C 160, 5.5.2023, p. 1.


ISSN 1977-091X (electronic edition)