The Competition Commission of India (CCI) has approved the indirect controlling acquisition of Arjas Steel Private Limited and Arjas Modern Steel Private Limited by The Sandur Manganese & Iron Ores Limited and BAG Holdings Private Limited.
The Proposed Combination relates to the acquisition of control of Arjas Steel Private Limited (ASPL) and, an indirect control of its wholly owned subsidiary, namely Arjas Modern Steel Private Limited (AMSPL) [ASPL and AMSPL are collectively referred to as the Target] by The Sandur Manganese & Iron Ores Limited (SMIORE) and BAG Holdings Private Limited (BHPL) [SMIORE and BHPL, are collectively referred to as the Acquirers].
SMIORE, a listed company, is primarily engaged in: (a) mining of iron ore and manganese ore; (b) production and sale of ferroalloys; and (c) production and sale of coke, in India.
BHPL, an affiliate of SMIORE, is a recently incorporated company that does not undertake any revenue generating activities in India or worldwide.
The Target is engaged in the manufacturing and sale of steel products, heavy ingots, and certain other intermediate products, like, billets.
Detailed order of the CCI will follow.
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