CCI Nod For Deal Between Two Entities Of South Korean Steelmaker POSCO
CCI Nod for Deal Between Two Entities of South Korean Steelmaker POSCO
The Competition Commission of India (CCI) has approved a proposed deal between two entities of South Korean steel giant POSCO. The deal involves the acquisition of a stake in POSCO-India Pune Processing Center. Under the transaction, POSCO
India Processing Center will purchase the entire stake held by LX International Corporation in POSCO-India Pune Processing Center. Both POSCO India Processing Center and POSCO-India Pune Processing Center are part of POSCO Holdings Inc. and are involved in steel processing, distribution, and the supply of value-added finished steel products.
In a statement, CCI confirmed its approval, saying, “CCI approves the proposed acquisition of certain shareholding in POSCO-India Pune Processing Center Private Limited by POSCO India Processing Center Private Limited.”
As part of its regulatory mandate, CCI reviews deals that exceed a certain threshold to ensure fair competition and prevent anti-competitive practices in the market.
