CCI Nod for Deal Between Two Entities of South Korean Steelmaker POSCO
The Competition Commission of India (CCI) has approved a proposed deal between two entities of South Korean steel giant POSCO. The deal involves the acquisition of a stake in POSCO-India Pune Processing Center. Under the transaction, POSCO
India Processing Center will purchase the entire stake held by LX International Corporation in POSCO-India Pune Processing Center. Both POSCO India Processing Center and POSCO-India Pune Processing Center are part of POSCO Holdings Inc. and are involved in steel processing, distribution, and the supply of value-added finished steel products.
In a statement, CCI confirmed its approval, saying, “CCI approves the proposed acquisition of certain shareholding in POSCO-India Pune Processing Center Private Limited by POSCO India Processing Center Private Limited.”
As part of its regulatory mandate, CCI reviews deals that exceed a certain threshold to ensure fair competition and prevent anti-competitive practices in the market.