The Competition Commission of India (CCI) on Friday said it has approved acquisition of majority stake in International Paper APPM by West Coast Paper Mills Ltd.
According to a notice filed with the fair trade regulator, the combination involves "acquisition by West Coast Paper Mills of 51-60 per cent shares of APPM from IP Investments and IP Holdings".
It also includes "acquisition of up to 25 per cent of the shares of APPM from public shareholders of APPM pursuant to an open offer process", the notice added.
Both West Coast Paper Mills and International Paper APPM are in the business of manufacturing and selling of paper and paper board, the notice said.
The CCI in a tweet on Friday said it "approves acquisition of shares in International Paper APPM Limited by West Coast Paper Mills Limited."