CCI approves Sanyo Special Steel’s stake purchase in SSMI
Competition Commission of India (CCI) has cleared Sanyo Special Steel’s acquisition of a 15.43% stake in Sanyo Special Steel Manufacturing India (SSMI) from Mitsui & Co, the antitrust regulator said on Tuesday.
Sanyo Special Steel, a Japan-based company, sells steel products globally and has manufacturing hubs in Europe and India. It is a part of Nippon Steel Corporation Group.
SSMI was a joint venture between Mahindra & Mahindra (India), Sanyo Special Steel (Japan) and Mitsui & Co (Japan) that got incorporated in September 2012.
In March 2019, the shareholding of SSMI underwent a change and Sanyo Special Steel became its majority shareholder, the regulator said in a statement.
At present, SSMI is an arm of Sanyo Special Steel. It's engaged in the manufacture of forged products, hot rolled and cast products.
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