Synergy Metals Investments Holding Limited's equity stake acquisition in JSW Cement under the green channel route has been cleared by the Competition Commission of India (CCI).
"The Competition Commission of India received a notice relating to acquisition of equity stake in JSW Cement (“Target”) by Synergy Metals Investments Holding Limited (“Acquirer”), under green channel and is deemed approved," a statement issued by the competition watchdog said.
Green channel is an automatic approval system where a combination of parties is considered to be approved once both the parties which consist of the combination, file the notice for merger or acquisition.
"The Acquirer is the investment fund of its ultimate controlling entity, Synergy Metals and Mining Fund I LP (“Synergy Fund”). Synergy Fund invests in industrials, metals and power sectors globally," CCI said further in the statement.
"The Target is an unlisted public company based in India and belongs to the JSW group of companies. Its business activities include production, manufacturing and trading of cement, mining, road transportation services and purchase of land and immovable properties.