The antitrust regulator has approved a POSCO Holdings subsidiary’s acquisition of the entire stake of LX International Corporation in another arm of the steel giant.
The acquisition, analysts have said, is aimed at streamlining POSCO Group’s India operations and enabling it to bolster its operational efficiency.
“It is stated that both the acquirer (POSCO India Processing Center) and target (POSCO- India Pune Processing Center) are subsidiaries of POSCO Holdings and the exiting seller is an unrelated entity,” the Competition Commission of India (CCI) said in a statement after clearing the deal.
The regulator said the acquirer–POSCO India Processing Center–is engaged in the business of processing and distribution of steel, including specialty products. The target–POSCO- India Pune Processing Center– is also in the business of processing of steel through its affiliates.
