The Competition Commission of India (CCI), on Thursday, May 21, announced it has approved the acquisition of Emami Cement by Nuvoco Vistas.
“CCI India approves acquisition of 100% of the total issued and paid up share capital of Emami Cement Limited, on a fully diluted basis, by Nuvoco Vistas Corporation Limited,” the regulatory body wrote in a tweet.
The development comes after Emami received queries on whether the deal was not progressing further in the wake of COVID-19 pandemic. However, on May 14, both companies clarified in a joint statement that “the proposed transaction is very much on, subject to the receipt of approval of CCI and other third parties.”
Emami had entered into a binding agreement on 6 February with Nuvoco Vistas for the divestment of its 100% equity stake in Emami Cement Ltd for an enterprise value of ₹5,500 crore. At the time of announcing the sale of the cement business, Emami had mentioned that the transaction was expected to be completed in three-four months.
Full Content: Reuters
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