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GE-Baker Hughes oil deal gets CCI approval

Press Trust of India  |  New Delhi 

Fair trade regulator CCI has given its nod to the of and gas businesses of General Electric (GE) and Baker Hughes Incorporated (BHI).

Last year, GE joined forces with BHI to create a USD 32 billion business.

In a tweet, the Competition Commission of (CCI) said that it has approved "of & gas business of GE and field services business of Baker Hughes Inc".

As per a notice submitted to the regulator, GE will acquire 62.5 per cent of the voting and economic rights of a newly-formed company.

The new company will be one of the industry's largest players, bringing together a portfolio of capabilities spanning oilfield services, equipment manufacturing and technology and will have dual headquarters in Houston and

General Electric is a global, diversified manufacturing, technology and services company, made up of a number of business units.

Baker Hughes Incorporated is a global supplier of oilfield services products, technology and systems to the worldwide and natural gas industry.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, June 14 2017. 20:07 IST