New Delhi [India], April 30 : The Competition Commission of India (CCI) has approved Sanyo Special Steel Co. Ltd.'s acquisition of a 15.43 per cent shareholding in Sanyo Special Steel Manufacturing India Private Limited from Mitsui & Co. Ltd.
According to a press release, Sanyo Special Steel Co., Ltd., a Japan-based company, is a global manufacturer and seller of steel products.
It operates manufacturing hubs across Europe and India, specialising in various special steel products such as bearing steel, engineering steel, stainless steel, heat-resistant steel, and tool steel.
Sanyo is a part of the Nippon Steel Corporation Group.
Sanyo Special Steel Manufacturing India Private Limited (SSMI) was established in September 2012 as a joint venture between Mahindra & Mahindra Limited (India), Sanyo Special Steel Co., Ltd (Japan), and Mitsui & Co., Ltd (Japan).
However, in March 2019, there was a change in the shareholding of the company, leading to Sanyo Special Steel Co., Ltd. becoming the majority shareholder. Currently, SSMI operates as a subsidiary of Sanyo Special Steel Co. Ltd.
SSMI is actively engaged in the market for manufacturing forged products, hot rolled products, and cast products.
The detailed order of the CCI regarding this acquisition is yet to be released.
This acquisition marks a strategic move for Sanyo Special Steel Co. Ltd., consolidating its position in the Indian market and strengthening its operations in the manufacture of special steel products.
The approval from CCI signifies that the acquisition does not raise any concerns regarding competition within the Indian market.
It suggests that the transaction is not likely to adversely affect competition in India, given the parties' respective strengths and the nature of their businesses.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor