India CSR News Network
NEW DELHI: The Competition Commission of India (CCI) has approved the proposed acquisition of cement plants of Jaypee Cement Corporation Limited, comprising an integrated cement unit at Sewagram and grinding unit at Wanakbori in Gujarat by Ultratech Cement Limited (Ultratech). Jaypee Cement Corporation Limited is a wholly owned subsidiary of Jaiprakash Associates Limited (Jaypee), govt said in the statement.
According to the statement, Both Ultratech and Jaypee are engaged in the manufacture and marketing of different varieties of cement across India. The combined capacity of sewagram and wanakbori plants is 4.8 MTPA.
The Commission vide its order dated 20.12.2013 is of the opinion that the proposed combination is not likely to have an appreciable adverse effect on competition in India and therefore, approved the proposed combination under sub-section (1) of Section 31 of the Act.