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Fair trade regulator CCI has given its nod to the merger of oil 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 oil business.
In a tweet, the Competition Commission of India (CCI) said that it has approved "merger of oil & gas business of GE and oil 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 London.
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 oil and natural gas industry.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)