Team News Riveting
New Delhi, May 19
The Competition Commission of India (CCI) had approved the acquisition of majority stake in Maharashtra-based SMW Ispat Private Limited by Business-to-business (B2B) commerce startup OfBusiness (OFB) Tech Private Limited.
The proposed combination envisages acquisition of majority stake in SMW Ispat Private Limited (SMW Ispat) by OFB Tech Private Limited (OFB Tech), the CCI said in a statement.
Maharashtra-based SMW Ispat has a 40-million-tonne induction furnace for making TMT bars, steel billets and sponge iron. SMW’s brand Sangam Steel houses a beneficiation plant that produces iron ore, with a capacity of 2,000 tonnes a day.
OFB Tech, a private limited company, is engaged in the business of wholesale trading of bulk raw materials such as steel, non-ferrous metals, industrial chemicals and petroleum derivatives, agri-commodities to facilitate transactions between businesses through its online or offline channels.
