CCI approves acquisition of Emami Cement

The Competition Commission of India has approved the 100 per cent acquisition of the total issued and paid-up share capital of Emami Cement Ltd by Nuvoco Vistas Corp.

Emami had entered into an agreement for the divestment of its 100 per cent equity stake in Emami Cement for an enterprise value of INR55bn (US$724.83m) in February.

The acquisition will bring Nuvoco's total cement capacity in India to 23.5Mta, including an ongoing capacity expansion project in Jojobera, Jharkhand, and over 60 ready-mix plants.