Fair trade regulator CCI has approved Paloma Rheem Holdings' proposal to acquire Japanese air-conditioner maker Fujitsu General for USD 1.6 billion. Fujitsu General specialises in air conditioning solutions for residential, commercial, and industrial segments and related IT systems and devices. The company, which operates in India through its subsidiary Fujitsu General (India), also sells air conditioning units under the O General brand. "The proposed transaction relates to Paloma Rheem's acquisition of the entire shareholding of Fujitsu," a notice submitted to the CCI said on Monday. The transaction will enable Paloma Rheem to realise long-term growth and development opportunities, it added. After the approval, Fujitsu General will become a wholly-owned subsidiary of Paloma Rheem Holdings. Japan-headquartered Paloma Rheem Holdings Co is one of the world's leading air conditioning and water heating companies. The Competition Commission of India (CCI) said the deal has been cleare