CCI APPROVES ACQUISITIONS OF ARJAS STEEL AND SUVEN PHARMACEUTICAL

CCI approves SMIORE's expansion into steel products and Platinum Poppy's indirect investment in Suven Pharmaceuticals, granting ADIA a stake.

The Competition Commission of India (CCI) has granted approval for two major acquisitions, as detailed in an official statement.

First, the CCI approved the indirect controlling acquisition of Arjas Steel Private Limited (ASPL) and its wholly-owned subsidiary, Arjas Modern Steel Private Limited (AMSPL), by The Sandur Manganese & Iron Ores Limited (SMIORE) and BAG Holdings Private Limited (BHPL). ASPL and AMSPL are collectively referred to as the Target entities, while SMIORE and BHPL are collectively referred to as the Acquirers.

SMIORE, a publicly listed company, operates primarily in the mining of iron ore and manganese ore, the production and sale of ferroalloys, and the production and sale of coke within India. BHPL, an affiliate of SMIORE, is a recently incorporated entity that does not currently engage in any revenuegenerating activities either in India or globally. On the other hand, the Target entities, ASPL and AMSPL, are involved in the manufacturing and sale of steel products, heavy ingots, and intermediate products such as billets.