CCI clears NBCC's acquisition of HSCC

The Competition Commission Tuesday approved construction major NBCC's bid to acquire of 100 per cent stake in consultancy firm HSSC.

NBCC last month was selected as the buyer for 100 per cent strategic disinvestment of HSCC at a bid amount of Rs 285 crore by the government.

The government last October invited bids from central public sector enterprises (CPSEs) for buying out entire 100 per cent stake in HSCC, along with management control.

In June 2018, NBCC had submitted financial bid for buying HSCC.

The CCI "approves acquisition of 100 per cent equity shareholding in HSCC by NBCC," the regulator said in a tweet.

Hospital Services Consultancy Corporation (HSCC), under the Ministry of Health and Family Welfare, is engaged in the provision of consultancy services in healthcare and other social sectors in India and abroad.

In the current fiscal, the government plans to raise Rs 80,000 crore through strategic sale of PSUs.

Deals beyond a certain threshold require clearance of the Competition Commission of India (CCI).