CCI Gives Consent To Sanyo Special Steel To Buy Additional Stake In SSMI
CCI Gives Consent To Sanyo Special Steel To Buy Additional Stake In SSMI
The proposed combination involves the acquisition of a 15.43 percent shareholding
The Competition Commission of India (CCI) has cleared the Sanyo Special Steel Co Ltd proposed acquisition of an additional stake in Sanyo Special Steel Manufacturing India Pvt Ltd (SSMI) from Mitsui & Co Ltd (Japan).
The national competition regulator posted on X (formerly Twitter), “CCI approves acquisition of 15.43 percent shareholding by Sanyo Special Steel Co Ltd in Sanyo Special Steel Manufacturing India Pvt Ltd from Mitsui & Co Ltd.”
The deals beyond a certain threshold require approval from the CCI, which keeps a tab on unfair business practices and promotes fair competition in the marketplace.
Sanyo is a Japan-based firm that manufactures steel products including hot-rolled and cast products and sells them globally. It is a part of the Nippon Steel Corporation Group.
Incorporated in 2012, SSMI was a joint venture company between Mahindra & Mahindra, Sanyo and Mitsui.
Sanyo will be entitled to 100 percent of the equity shareholding of SSMI (as one share in SSMI will be held by a nominal shareholder).
In March 2019, the shareholding of SSMI changed and Sanyo became the majority shareholder.
