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CCI approves Emami Cement acquisition by Nirma arm
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MUMBAI : The Competition Commission of India (CCI), on Thursday, said it has approved the acquisition of Emami Cement Ltd by Nuvoco Vistas Corp Ltd (part of the Nirma group). “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 said 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 14 May, 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
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