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CCI approves acquisition of equity share capital of Mukand Sumi Special Steel

Thursday, 31 Dec 2020
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The Competition Commission of India (CCI) has approved acquisition by Jamnalal Sons (JSPL) of 51 percent of equity share capital of Mukand Sumi Special Steel (MSSSL) under Section 31(1) of the Competition Act 2002. 
 
The proposed combination entails the acquisition of 51 percent of the equity share capital of MSSSL from Mukand and its nominees by JSPL. Both JSPL and Mukand are part of the same group. 
 
A nominal number equity shares of MSSSL (not more than 60), which are being acquired by JSPL, will be held jointly by JSPL and certain individuals, to comply with the minimum shareholding requirements under the Companies Act 2013. 
 
JSPL is an unregistered core investment company holding shares in various Bajaj Group Companies. JSPL is primarily an investment and lending company and is not engaged in manufacturing or trading of any goods. 
 
MSSSL is engaged in the business of manufacturing, marketing, selling, distribution, etc of special and alloy steel hot-rolled bars and hot-rolled wire rods.
 
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