CCI Approves Merger of Ring Plus Aqua, Maini Precision with JK Maini Unit

New Delhi, May 27 (PTI) Fair trade regulator CCI on Tuesday approved the merger of Ring Plus Aqua and Maini Precision Products into JK Maini Precision Technologies Ltd.

The regulator also granted its nod to the demerger of aerospace business of JKMPTL into JK Maini Global Aerospace Ltd.

"The combination inter alia envisages the merger of Ring Plus Aqua Ltd (RPAL) and Maini Precision Products Ltd (MPPL) into JKMPTL, and demerger of aerospace business of JKMPTL into JK Maini Global Aerospace Ltd (JKMGAL)," the Competition Commission of India (CCI) said in a release.

The transaction had previously received approval from the Commission via an order dated March 6, 2024. However, there has been a change in the transaction structure post the approval of the Commission, it added.

"CCI approves the combination inter alia envisaging the merger of Ring Plus Aqua and Maini Precision Products into JK Maini Precision Technologies Ltd (JKMPTL); and demerger of aerospace business of JKMPTL into JK Maini Global Aerospace Ltd," CCI said in a post on X.

Ring Plus Aqua is engaged in the business of manufacturing and exporting ring gears, flex plates, and water pump bearings and Maini Precision Products is engaged in manufacturing precision products for different industries and manufactures products based on the design requirements of its customers.

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.