Competition Commission clears Shree acquisition of Jaiprakash unit

The Competition Commission of India (CCI) said it has approved a proposal of Shree Cement to acquire Jaiprakash Associates' 1.5Mta grinding unit in Haryana, saying the deal will not raise anti-competition concerns.   

The proposed deal involves the transfer of the cement grinding unit at Haryana's Panipat owned by Jaiprakash Associates to Shree Cements by way of a slump sale, a notification on the competition panel's website said.   

"The proposed combination is not likely to have an appreciable adverse effect on competition in India in any of the relevant markets," said the order from the competition watchdog.