CCI okays Ultratech acquisition
The proposed acquisition of Jaypee Cement Corporation´s cement plants by Ultratech Cement at Sewagram and a grinding unit at Wanakbori in Gujarat, has been approved by the Competition Commission of India (CCI). Jaypee Cement Corporation is a wholly- owned subsidiary of Jaiprakash Associates (Jaypee). Both Ultratech and Jaypee are engaged in the manufacture and marketing of different varieties of cement across India. The combined capacity of the Sewagram and Wanakbori plants is 4.8 mtpa. The CCI is of the opinion that the proposed combination is not likely to have an appreciable adverse effect on competition in India and therefore, approved the proposed combination under sub-section (1) of Section 31 of the Act.