Team News Riveting
New Delhi, November 12
The Competition Commission of India (CCI) approves transfer of 100% shareholding of Sinochem Group Company Limited (Sinochem) and China National Chemical Corporation Limited (ChemChina) to a new company wholly owned by China State-owned Assets Supervision and Administration (Central SASAC), under Section 31(1) of the Competition Act, 2002.
Sinochem is engaged in a wide variety of businesses globally and is headquartered in China. In India, Sinochem is, directly or indirectly, primarily engaged in the following businesses that include sale of crude oil, sale of natural rubber and rubber antioxidants, sale of a variety of chemicals, including agrochemicals (i.e. sale of insecticides, herbicides, fungicide and other such products) and sale of pharma and health products.
ChemChina is engaged in a wide variety of businesses globally and is headquartered in China. In India, ChemChina is mainly engaged in the sale of chemical products (including methionine, carbon and silicon products), sale of passenger car tires, bus and truck tires, sale of chemical equipment and sale of solar PV modules.
The new holding company is not incorporated yet and accordingly has no business activity.
