New Delhi, Feb 4 : The Competition Commission of India (CCI) has granted approval for a proposed stake acquisition involving two entities of South Korean steel giant POSCO. The deal entails POSCO India Processing Center acquiring the entire stake of LX International Corporation in POSCO-India Pune Processing Center.
Both companies involved in the transaction operate under POSCO Holdings Inc. The CCI confirmed the approval in an official statement, saying, "CCI approves the proposed acquisition of certain shareholding in POSCO - India Pune Processing Center Private Limited by POSCO India Processing Center Private Limited."
POSCO India Processing Center and POSCO-India Pune Processing Center specialize in steel processing and distribution, offering various value-added finished steel products.
In India, corporate deals exceeding a specified threshold require regulatory clearance to ensure fair competition and prevent anti-competitive business practices. The CCI plays a crucial role in maintaining a competitive market landscape by scrutinizing mergers and acquisitions for any potential impact on market fairness.