The Competition Commission of India (CCI) has approved a proposed multi-layered transaction involving Digvijay Cement, Hi-Bond Cement (India) and the alternative investment fund India Resurgence Fund (IndiaRF).

Under the planned deal, IndiaRF will acquire a stake in Digvijay Cement Company, while Digvijay Cement will, in turn, purchase shareholding in Hi-Bond Cement (India). The regulator confirmed its approval of the combination in a release issued on Tuesday.