Fair trade regulator CCI on Wednesday said it has granted approval to Ring Plus Aqua Ltd's proposed acquisition of a 59.25 per cent stake in Maini Precision Products Ltd.
Maini Precision Products Ltd (MPPL) is engaged in the manufacturing of precision products for different industries and manufacturers.
"The proposed combination inter-alia envisages the acquisition of 59.25 per cent shareholding in MPPL by RPAL, the acquisition of the entire shareholding of JK Files & Engineering Ltd in JK Talabot Ltd by a wholly-owned subsidiary of Raymond Ltd (New Company), and merger of RPAL, MPPL and the engineering business of JK Files into the new company," CCI said in a release.
Raymond Ltd and its subsidiaries are engaged in the manufacture and sale of textiles, lifestyle products, branded apparel, hardware and tools, certain automotive parts, and real estate.
The Competition Commission of India (CCI) said it has cleared the proposed deal on Wednesday.
JK Files is a wholly-owned subsidiary of Raymond, engaged in the business of manufacturing, sale and distribution of hand tools, files and cutting tools; and importing and onward sale of power tools and power tool accessories.
JK Talabot Ltd (JKTL) is engaged in the engineering business, while RPAL is in the business of manufacturing and exporting ring gears, flex plates, and water pump bearings. Both JKTL and RPAL are subsidiaries of JK Files.
The deals beyond a certain threshold require approval from CCI, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace. PTI HG HG BAL BAL
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