Jaiprakash Associates gets CCI nod to sell grinding unit
The Competition Commission of India (CCI) has approved Jaiprakash Associates´proposed sale of its cement grinding unit in Haryana to Shree Cement. The proposed deal involves transfer of a 1.5 million tonne per annum (mtpa) capacity cement grinding unit at Panipat in Haryana owned by Jaiprakash Associates to Shree Cement ´on a going concern basis by way of a slump sale´. The CCI noted that the market shares in terms of installed capacity is 23 per cent for Shree Cement and three per cent for cement grinding. This will increase the market share of Shree Cement to 26 per cent post the combination.