Team News Riveting
New Delhi, July 15
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 system that came into effective from August 15, 2019 was introduced to improve merger regulations. It is aimed to sustain and promote a fast, transparent and liable review of combination cases. It was introduced for speedier approval of clearing certain mergers and acquisitions. This will help avoid waiting period for the eligible transactions.
“The Acquirer proposes to acquire a minority equity stake in the Target (JSW),” 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.
Synergy Metals Investments, which is a Dubai-based investment fund that is part of Synergy Metals and Mining Fund I LP (Synergy Fund), is understood to have picked a minority stake in the cement maker.
JSW Cement, an arm of JSW Group, was incorporated in 2006 as a cement manufacturer and trader.
