CCI approves stake acquisition in JSW Cement by Synergy Metals

16 Jul 2021 CW Team

Synergy Metals Investments Holdings stake acquisition in JSW Cement via green channel route has been approved by the Competition Commission of India (CCI).

Green channel is an automatic approval system in which a combination is deemed to have been approved by the CCI after the parties involved file a notice for the combination.

According to a combination notice filed with the regulator, the Acquirer proposes to acquire a minority equity stake in Target.

It said the proposed combination fits well with the acquirer's vision of investing in leading companies with attractive investment returns, citing the transaction's purpose.

The acquirer is Synergy Metals and Mining Fund I LP, the controlling entity's investment fund, which invests globally in the industrials, metals, and power sectors.

The regulator said in a tweet on Wednesday that Synergy Metals Investments Holding's Green Channel notice relating to the acquisition of an equity stake in JSW Cement was received by the Commission on Wednesday and has been approved.

JSW Cement provides environmentally friendly construction and building solutions through innovation in technology and sustainability. The company has grown exponentially since its inception in 2009 to become a major Green Cement manufacturer in India. Over the last 13 years, JSW Cement has increased production capacity of 14 mtpa with minimal industrial waste.

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Also read: JSW cement forays into ready mix concrete business

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