The Competition Commission of India (CCI) approves acquisition of majority stake in SMW Ispat Private Limited by OFB Tech Private Limited.

The proposed combination envisages acquisition of majority stake in SMW Ispat Private Limited (SMW Ispat) by OFB Tech Private Limited (OFB Tech).

OFB Tech, a private limited company, is engaged in the business of wholesale trading of bulk raw materials such as steel, non-ferrous metals, industrial chemicals and petroleum derivatives, agri-commodities to facilitate transactions between businesses through its online or offline channels.

SMW Ispat, a private limited company, is engaged in the business of manufacturing products such as TMT steel bars and steel billets.

Detailed order of the CCI will follow.

Merger clearance: approval of OFB Tech's acquisition of majority stake in SMW Ispat, enabling change of control. The proposed combination entails OFB Tech Private Limited acquiring a majority stake in SMW Ispat Private Limited, effecting a change of control; OFB Tech is a wholesale trader in bulk raw materials and SMW Ispat manufactures steel products. The transaction has received competition approval and a detailed order will follow.