CCI okays Synergy Metals' stake-buy in JSW Cement
New Delhi: The Competition Commission of India (CCI) has approved the stake acquisition in JSW Cement by Synergy Metals Investments Holding, under the green channel route.
Green channel is an automatic approval system, whereby a combination is deemed to have been approved by the CCI upon receiving the filing of the notice for the combination by the parties concerned. "The Acquirer proposes to acquire a minority equity stake in the Target," as per a combination notice filed with the regulator. Noting the purpose of the transaction, it said the proposed combination fits well with the acquirer's vision of investing in leading companies with potential to achieve attractive investment returns.
It further noted that acquirer is the investment fund of its controlling entity, Synergy Metals and Mining Fund I LP which invests in the industrials, metals and power sectors globally. "Commission receives Green Channel notice by Synergy Metals Investments Holding relating to acquisition of equity stake in JSW Cement and is deemed approved," the regulator said in a tweet on Wednesday.