The Competition Commission of India (“CCI”) received a notice relating to acquisition of equity stake in JSW Cement (“Target”) by Synergy Metals Investments Holding Limited (“Acquirer”), under Green Channel and is deemed approved.

The Acquirer is the investment fund of its ultimate controlling entity, Synergy Metals and Mining Fund I LP (“Synergy Fund”). Synergy Fund invests in the industrials, metals and power sectors globally.

The Target is an unlisted public company based in India and belongs to the JSW group of companies. Its business activities include (a) production, manufacturing and trading of cement, clinker, ground granulated blast-furnace slag, slag sand and related products; (b) mining, crushing and grinding of raw materials and all other processes to finally produce and manufacture cement; (c) road transportation services; and (d) purchase of land/immovable properties to erect houses/building, etc.

 

Green channel deemed approval enables notified acquisition of equity stake to proceed without in-depth merger scrutiny. Notice concerns acquisition of an equity stake in JSW Cement by Synergy Metals Investments Holding Limited filed under the Green Channel and treated as deemed approved; the acquirer is an investment vehicle of Synergy Metals and Mining Fund I LP and the target is an unlisted public company of the JSW group engaged in cement production, mining, transport and real estate activities, with the filing qualifying for expedited treatment that permits the transaction to proceed without further competitive investigation.