A PYMNTS Company

India: CCI clears Hyundai Steel-Hyundai Hysco deal

By  |  June 28, 2015

Fair trade regulator CCI has approved the proposed merger of Hyundai Hysco with Hyundai Steel, saying the deal would not have any anti-competitive impact in the Indian market.

Both companies are part of South Korea’s Hyundai Motor Group.

Hyundai Hysco is into the manufacture and sale of flat steel products, steel pipes, lightweight automotive parts and fuel cell systems.

Clearing the deal, Competition Commission of India said there is no horizontal overlap between the activities of Hyundai Steel and Hyundai Hysco in India.

“Given the insignificant market shares of the parties in India, the fact that Hyundai Steel only supplies to HSIPL and the presence of other major suppliers, it is observed that vertical relationship between the parties would not result in foreclosure in the upstream or downstream market(s) in which the parties are present in India,” CCI said in an order.

Full content: Business Standard

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.