The Competition Commission of India (CCI) has approved the acquisition of certain interest in Blackwater Coal Mine by NS Blackwater Pty Limited and JFE Steel Australia (BW) Pty Ltd.

The Proposed Combination envisages the acquisition of 20% and 10% interest in Blackwater Coal Mine (BW Coal Mine) by NS Blackwater Pty Limited (NS Blackwater) and JFE Steel Australia (BW) Pty Ltd. (JFE Steel BW), respectively.

NS Blackwater is a newly incorporated special purpose vehicle formed for the purposes of the Proposed Combination. It is ultimately owned by Nippon Steel Corporation.

JFE Steel BW is a newly incorporated special purpose vehicle formed for the purposes of the Proposed Combination. It is ultimately owned by JFE Holdings, Inc.

The BW Coal Mine is an open-cut mine in Queensland, Australia, which has been operating since 1967. In India, the BW Coal Mine supplies coking coal by way of imports.

Detailed order of the Commission will follow.

Combination approval permits acquisition of interests in Blackwater coal mine by steel-related purchasers, subject to detailed order. The Commission granted combination approval for two newly formed special purpose vehicles to acquire minority interests in the Blackwater Coal Mine; each SPV is ultimately owned by a major steel group. The BW Coal Mine is an operational open cut coking coal mine in Queensland that supplies coking coal to India by import. A detailed order from the Commission will follow.