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Fair trade watchdog CCI on Wednesday said it has sought public comments on Bharat Forge Ltd's proposed acquisition of AAM India Manufacturing Corporation Pvt Ltd after prima facie concluding that the transaction could adversely impact competition.
In October last year, Bharat Forge sought the Competition Commission of India's (CCI) approval for the buyout of AAM India Manufacturing Corporation.
Bharat Forge is a leading provider of forged components and solutions to various sectors while AAM India Manufacturing Corporation is into manufacturing and sale of axles for commercial vehicles in the country.
"The Commission is of the prima facie opinion that the proposed combination is likely to have an appreciable adverse effect on competition and, accordingly, has directed the parties, in terms of Section 29(2) of the Competition Act, 2002, to publish details of the combination for bringing the combination to the knowledge or information of the public and persons affected or likely to be affected by such combination," CCI said in a release on Wednesday.
Deals beyond a certain threshold are required to get approval from the CCI, which keeps a tab on unfair business practices across sectors.
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