Competition Commission of India (CCI) recently said it has approved the proposed acquisition of Emami Cement by Nuvoco Vistas Corporation, which is a Nirma promoter group company.
In February, Nuvoco Vistas -- formerly Lafarge India Limited -- announced that it would acquire the 8.3 million tonne per annum cement business of Emami for an enterprise value Rs. 5,500 crore.
Emami Cement, part of the Emami group, owns and operates cement manufacturing units in West Bengal, Chhattisgarh, Bihar and Odisha.
Nuvoco Vistas operates cement manufacturing units in Chhattisgarh, Jharkhand, West Bengal, Rajasthan and Haryana.
"The proposed combination pertains to the acquisition of 100 per cent of the total issued and paid up share capital of Emami Cement Limited on a fully diluted basis by Nuvoco Vistas Corporation Limited," an official release said.
CCI keeps a tab on unfair business practices across sectors.
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