The Competition Commission of India (CCI) has granted approval for four major transactions, including the acquisition by Jsquare Electrical Steel Nashik, a joint venture between JSW Steel and Japan's JFE Steel Corporation, of Thyssenkrupp Electrical Steel India, the Indian subsidiary of Germany's Thyssenkrupp Steel.
JSW Steel had announced in October that its wholly-owned subsidiary Jsquare Electrical Steel Nashik would acquire Thyssenkrupp Electrical Steel India for Rs 4,051 crore (approximately USD 488 million). According to the CCI, JSW JFE Electrical Steel currently has no commercial operations in India, but the company plans to start manufacturing and selling electrical steel by 2027.
CCI also approved Abu Dhabi National Oil Company’s (ADNOC) acquisition of a 100% stake in leading chemical producer Covestro AG. In addition, CCI approved Blackstone’s acquisition of stakes in Bagmane Developers and Bagmane Rio.
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