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Competition Commission clears Nippon Steel's 51% acquisition in Sanyo Steel

The regulator has approved transfer of 100 per cent shareholding in Ovako to Sanyo Steel

Press Trust of India  |  New Delhi 

Nippon Steel
A worker walks at Nippon Steel Corp.'s collection facility in Tokyo | Photo: Reuters

The regulator has approved transfer of 100 per cent shareholding in Ovako to Steel

Competition watchdog has cleared Japan-based & Sumitomo Metal Corporation's acquisition of 51 per cent shareholding in Steel.

Besides, the regulator has approved transfer of 100 per cent shareholding in Ovako to Steel.

According to the CCI, is based in Tokyo and is engaged in the business of manufacture and sales of tubes and pipes and auto parts in India and its presence in manufacture of these steel products is limited in the country.

In a tweet on Monday, the said it "approves acquisition of 51 per cent shareholding in Sanyo Special Steel by & Sumitomo Metal; and transfer of 100 per cent shareholding in to Sanyo."

Sanyo manufactures special steel and in India it has presence through its two subsidiaries namely, Sanyo Special Steel India and Mahindra Sanyo Special Steel Pvt Ltd.

Mahindra Sanyo is a joint venture between Sanyo (51 per cent) (29 per cent) and and Co Ltd (20 Per cent).

ALSO READ: India will be world's fastest-growing steel market: Nippon Steel Executive

In June, Nippon Steel had announced acquisition of Sweden-based steel maker Ovako and made it a wholly-owned subsidiary.

Deals beyond a certain threshold are required to get clearance from the (CCI).

First Published: Mon, December 03 2018. 20:55 IST
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