Competition Commission of India (CCI) on Thursday said it has approved the proposed acquisition of Emami Cement by Nuvoco Vistas Corporation, which is a Nirma promoter group company.
The proposed combination pertains to the acquisition of 100% of the total issued and paid up share capital of Emami Cement (ECL), on a fully diluted basis by Nuvoco Vistas Corporation (NVCL).
NVCL is a Nirma promoter group company and currently operates cement manufacturing units in Chhattisgarh, Jharkhand, West Bengal, Rajasthan and Haryana. It is stated to be engaged in the businesses of manufacturing and sale of variety of grey cements including portland pozzolana cement, portland slag cement and ordinary portland cement. It is also engaged in the sale of certain other value-added products like construction chemicals, wall putty, and cover blocks.
ECL is a part of the Emami group andowns and operates cement manufacturing units in West Bengal, Chhattisgarh, Bihar and Odisha. It is stated to be engaged in the manufacturing and sale of variety of grey cements including portland pozzolana cement, portland slag cement, ordinary portland cement and plain cement concrete i.e. composite cement. It also manufactures and sells small quantities of clinker and ground granulated blast furnace slag.
Shares of Emami were down 0.14% to 209.65 on BSE.
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