Fair trade regulator CCI on Tuesday cleared Tata Steel’s proposal to acquire a 50.01 per cent equity stake in Odisha-based Thriveni Pellets.
The development came after Tata Steel in December last year announced that it entered into a pact to acquire a majority stake in Thriveni Pellets Pvt Ltd for ₹636 crore.
“The proposed combination relates to Tata Steel Limited’s proposed acquisition of 50.01 per cent equity share capital of Thriveni Pellets Private Limited (TPPL) from Thriveni Earthmovers Private Limited,” the regulator said in a release.
Tata Steel Limited is engaged in integrated steel manufacturing operations, ranging from mining to steelmaking to further processing. It is also engaged in the mining of iron ore and the production of iron ore pellets, sponge iron and crude steel.
TPPL is engaged in the sale of iron ore pellets in the country. TPPL’s wholly-owned subsidiary, Brahmani River Pellets Ltd, is also engaged in the production and sale of iron ore pellets in India.
