The Competition Commission of India has approved the proposed combination involving inter alia acquisition by India Resurgence Fund in Shree Digvijay Cement Company Limited and acquisition by Digvijay Cement Company Limited in Hi-Bond Cement (India) Private Limited.

India Resurgence Fund (IndiaRF) is a Category II Alternative Investment Fund registered with Securities and Exchange Board of India and is managed by India Resurgence Asset Management Business Private Limited.

Digvijay Cement Company (Digvijay) and Hi-Bond Cement (India) Private Limited (Hi-Bond) are engaged in the manufacture and sale of grey cement.

The proposed combination envisages the acquisition of shareholding by IndiaRF in Digvijay, the proposed long term business arrangement between Hi-Bond and Digvijay, and the proposed acquisition of shareholding by Digvijay in Hi-Bond (Proposed Combination).

Detailed order of the Commission will follow.

Proposed cement sector acquisition: regulator approves IndiaRF's stake in Digvijay and Digvijay's investment in Hi-Bond. Regulatory action concerns approval of a composite proposed combination in the grey cement sector involving India Resurgence Fund's acquisition of shareholding in Digvijay Cement Company Limited, a proposed long-term business arrangement between Digvijay and Hi-Bond Cement (India) Private Limited, and Digvijay's proposed acquisition of shareholding in Hi-Bond, with a detailed order to follow.