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The Competition Commission has approved the proposed acquisition of Starwood Hotels & Resorts Worldwide by Marriott International, a deal that would create the world's largest hotel company.
After the deal, estimated to be worth about $12.2 billion, the combined entity would have more than 5,500 hotels spread across 100 countries.
Both the groups manage upscale hotel accommodation and related services under different brand names in India. Neither Marriott nor Starwood own or lease any hotels in India.
In a tweet, Competition Commission of India (CCI) said it has approved "acquisition of Starwood Hotels & Resorts Worldwide by Marriott International".
The board of directors of both the entities have approved the proposed merger which would create the world's largest hotel company, Marriot had said in a statement in November 2015.
"Total consideration to be paid by Marriott totals $12.2 billion consisting of $11.9 billion of Marriott International stock, based on the 20-day VWAP (volume weighted average price) of Marriott stock ending on November 13, 2015, and $340 million of cash, based on approximately 170 million fully diluted Starwood shares outstanding at September 30, 2015," the statement had said on November 16 last year.
Marriott is a global diversified hospitality company, and operates, franchises and licenses hotels and timeshare properties in 85 countries and territories under several brands.
Starwood is also a hospitality company with more than 1,270 properties in about 100 countries.
