CCI approves acquisition of stake in Mukand by Bajaj Group entities

The Competition Commission of India (CCI) on Tuesday approved acquisition of certain equity shareholding of Mukand Ltd by Bajaj Group entities.

The proposed transaction envisages the acquisition of up to 16.57 per cent of the equity share capital of Mukund by the acquirers -- Bajaj Sevashram Pvt Ltd, Bachhraj and Company Pvt Ltd, Bachhraj Factories Pvt Ltd and Sanraj Nayan Investments Pvt Ltd -- all part of the Bajaj Group of companies, from the sellers, as per a press release.

The sellers are co-promoters of Mukand along with the Bajaj Group.

The acquisition is in addition to the around 57.7 per cent of the issued and paid-up equity share capital presently held by the Bajaj Group.

The acquirers are investment and lending companies, while Mukand is engaged in the business of manufacturing, marketing, selling, exporting distribution of specialty steel long products and heavy machinery, the release said.

"Commission approves acquisition of up to 16.57% of equity shareholding of Mukand Limited by Bajaj Group entities in addition to existing shareholding of around 57.70%," it said in a tweet on Tuesday.