CCI Approves POSCO Deal: Stake Purchase in Pune Processing Center

New Delhi, Feb 4 (PTI) Fair trade regulator CCI on Tuesday approved a proposed deal between two entities of South Korean steel major POSCO, involving purchase of stake in POSCO-India Pune Processing Center.

Under the transaction, POSCO India Processing Center will buy the entire stake of LX International Corporation in POSCO-India Pune Processing Center.

The two POSCO entities are part of POSCO Holdings Inc.

"CCI approves the proposed acquisition of certain shareholding in POSCO - India Pune Processing Center Private Limited by POSCO India Processing Center Private Limited," the Competition Commission of India (CCI) said in a release.

POSCO India Processing Center and POSCO- India Pune Processing Center are engaged in the business of processing and distribution of steel, and distribution of various value-added finished steel products.

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.