The Competition Commission of India (CCI) has approved the acquisition of 15.43% shareholding by Sanyo Special Steel Co. Ltd. in Sanyo Special Steel Manufacturing India Private Limited from Mitsui & Co. Ltd.

Sanyo Special Steel Co., Ltd. is a Japan-based company that manufactures and sells steel products globally. It has manufacturing hubs in Europe and India. It is engaged in manufacturing and marketing of various special steel products, including bearing steel, engineering steel, stainless steel, heat resistant steel and tool steel. Sanyo is part of the Nippon Steel Corporation Group.

SSMI was a joint venture company which was incorporated in September 2012 between Mahindra & Mahindra Limited (India), Sanyo Special Steel Co., Ltd (Japan) and Mitsui & Co., Ltd (Japan). In March 2019, the shareholding of the Target underwent a change and Sanyo Special Steel Co., Ltd. became the majority shareholder. Presently, SSMI is a subsidiary of the Acquirer / Sanyo Special Steel Co. Ltd.

SSMI is engaged in the market for manufacture of forged products, hot rolled products and cast products.

Detailed order of the CCI will follow.

Competition approval permits Sanyo to acquire further shareholding in its Indian steel subsidiary from Mitsui, consolidating control. The Competition Commission approved Sanyo Special Steel Co. Ltd.'s acquisition of a 15.43% equity stake in Sanyo Special Steel Manufacturing India Private Limited from Mitsui & Co. Ltd. The acquirer is a Japan-based manufacturer of various special steel products with operations in Europe and India. SSMI, originally a joint venture that changed shareholding in 2019 making Sanyo the majority shareholder, is now a subsidiary of the acquirer and manufactures forged, hot rolled and cast steel products. A detailed CCI order will follow.