The Competition Commission of India (CCI) approves proposed combination relating to acquisition of majority shareholding in B.M.M Ispat Limited (BMM) by JSW Projects Limited (JPL).

JPL, a part of the JSW group, is engaged in the business of manufacture of direct reduce iron/ sponge iron, coke dry quenching and captive power generation which are ultimately used in the manufacture of steel and steel products on a job work basis for JSW Steel Limited.

BMM, incorporated India, is engaged in the manufacture and sale of steel products including (i) iron ore pellets; (ii) sponge iron; (iii) TMT bars and (iv) semis.

Detailed order of the CCI will follow.

Merger approval: competition clearance for acquisition of majority shareholding in a steel manufacturer, detailed order to follow. Competition approval was granted for the acquisition of a majority shareholding in B.M.M Ispat Limited by JSW Projects Limited after the Commission assessed the parties' roles in the steel value chain-where the acquirer manufactures direct reduced iron/sponge iron and related inputs and the target produces pellets, sponge iron, TMT bars and semis-and found no unresolved competition concerns in the announced press release; the Commission's detailed order and rationale will follow.