The Competition Commission of India (CCI) has approved the proposed acquisition of the entire shareholding of IPM Inc. and OC NL Invest Cooperatief U.A. (OC India Sellers) in Owens-Corning (India) Pvt. Ltd. by Triumph Composites Pvt. Ltd. and Quartz Fibre Private Limited.

Triumph Non-Ionics Private Limited (now Triumph Composites Private Limited) along with 3B Lux S.À R.L, Owens Corning, Artek US Holding Corp., and Ayana Chemicals Singapore Pte. Limited entered into a Master Share Purchase Agreement (MSPA) on 13 February 2025. Under the agreement, the parties agreed to the sale of Owens Corning’s global glass fibre reinforcement business. Quartz Fibre Private Limited acts as the second acquirer, with both companies collectively referred to as the “Acquirers.”

The global transaction includes the sale of Owens Corning’s glass reinforcement business in India through the acquisition of the entire shareholding of the OC India Sellers in Owens-Corning (India) Pvt. Ltd., forming the Proposed Combination.

Both the Acquirers and the Target operate in the manufacturing and supply of glass fibre products, including chopped strand mat (CSM), assembled rovings (AR), direct rovings (DR), dry use chopped strands (DUCS), woven rovings/fabrics (WR/Fabrics), and continuous filament mat (CFM).

A detailed order from the Commission will be released subsequently.