India, May 2 -- The Competition Commission of India (CCI) on Tuesday said it has cleared Sanyo Special Steel's proposed acquisition of an additional 15.43 per cent stake in Sanyo Special Steel Manufacturing India (SSMI) from Mitsui & Co.
Sanyo Special Steel Co is a Japan-based firm that manufactures and sells steel products globally. Sanyo is part of the Nippon Steel Corporation Group.
The proposed combination involves the acquisition of 15.43 per cent shareholding by Sanyo in SSMI from Mitsui & Co Ltd (Mitsui), CCI said.
After the completion of the transaction, Sanyo shall be entitled to 100 per cent of the equity shareholding of SSMI (as one share in SSMI will be held by a nominal shareholder), it added.
"CCI approves acquisition o...