Sanyo Special Steel Gets CCI Nod For Additional 15% Stake In SSMI acquisition
Sanyo Special Steel Co is a Japan-based firm that manufactures and sells steel products globally. Sanyo is part of the Nippon Steel Corporation Group.
The Competition Commission of India on Tuesday said it has cleared Sanyo Special Steel's proposed acquisition of an additional 15.43% stake in Sanyo Special Steel Manufacturing India (SSMI) from Mitsui & Co.
Sanyo Special Steel Co is a Japan-based firm that manufactures and sells steel products globally. Sanyo is part of the Nippon Steel Corporation Group.
The proposed combination involves the acquisition of 15.43% shareholding by Sanyo in SSMI from Mitsui & Co Ltd (Mitsui), CCI said.
After the completion of the transaction, Sanyo shall be entitled to 100% of the equity shareholding of SSMI (as one share in SSMI will be held by a nominal shareholder), it added.
"CCI approves acquisition of 15.43% shareholding by Sanyo Special Steel Co Ltd in Sanyo Special Steel Manufacturing India Pvt Ltd from Mitsui & Co Ltd," the regulator said in a post on X (formerly Twitter).
Incorporated in 2012, SSMI was a joint venture company between Mahindra & Mahindra, Sanyo Special Steel Co, Ltd and Mitsui & Co., Ltd (Japan).
In March 2019, the shareholding of SSMI underwent a change and Sanyo Special Steel Co became the majority shareholder of SSMI. It is engaged in the manufacturing of forged products, hot-rolled products and cast products.
The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
