CCI Approves POSCO Deal: Stake Purchase in Pune Processing Center
India's competition regulator CCI has approved a deal between two POSCO entities involving the purchase of a stake in POSCO-India Pune Processing Center. The deal involves POSCO India Processing Center acquiring LX International Corporation's entire stake in the Pune facility.
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.
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.
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