The Competition Commission has approved Sumitomo Corporation's purchase of 49 per cent stake in proposed joint venture Mukand Alloy Steels Pvt Ltd (MASPL).
MASPL would be a joint venture between India's Mukand Ltd and Sumitomo Corporation of Japan.
In a tweet, the Competition Commission of India (CCI) said that it has approved "acquisition of 49 per cent equity shares of Mukand Alloy Steels Private Limited by Sumitomo Corporation".
As per the notice submitted to the fair trade regulator, Mukand Ltd and Sumitomo propose to form a joint venture to engage in the business of manufacturing, marketing, selling and distribution of hot rolled wire rods and bars by rolling and finishing of blooms and billets.
The joint venture business would be carried out through MASPL, according to the notice.
Sumitomo is a trading company and its business activities include sales of a variety of products and services in Japan, import and export, and domestic and international business investment.
Mukand primarily operates in the steel and industrial machinery sectors and produces, among others, bars and wire rods.
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