Fair trade regulator Competition Commission of India (CCI) on Thursday approved the proposal to merge Creixent Special Steels and JSW Ispat into JSW Steel. In May, JSW Steel announced the merger deal.
JSW Steel and JSW Ispat are into manufacturing and sale of steel products while Creixent Special Steels (CSSL) is in the business of holding investments. In a tweet on Thursday, CCI said it has approved the "amalgamation of Creixent Special Steels and JSW Ispat Special Products with and into JSW Steel".
Separately, the watchdog has cleared the proposed acquisition of Varmora Granito Pvt Ltd and other entities by the Carlyle Group entity Katsura Investments. The combination involves Katsura's Investments' acquisition of up to 40 per cent stake in the Varmora Granito Pvt Ltd along with acquisition of certain rights in the company and certain other target entities.
The regulator has approved the "acquisition by Katsura Investments in Varmora Granito Pvt Ltd and certain other entities; and Varmora Granito Pvt Ltd in some of its group companies and other entities," according to another tweet. Katsura Investments is a special purpose vehicle controlled by CAPG-II investment fund, an affiliate of the Carlyle Group.The regulator also approved Varmora's acquisition of ownership interest in Renite and Simola and additional stakeholding in some of its group companies. Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices in the marketplace.