CCI approves acquisition of majority stake in SMW Ispat by OFB Tech

The Competition Commission of India (CCI) on Thursday said it has approved the acquisition of a majority stake in SMW Ispat Private Limited by OFB Tech Private Limited.

The Competition Commission of India (CCI) on Thursday said it has approved the acquisition of a majority stake in SMW Ispat Private Limited by OFB Tech Private Limited. "The proposed combination envisages acquisition of majority stake in SMW Ispat Private Limited (SMW Ispat) by OFB Tech Private Limited (OFB Tech)," the Competition Commission of India said in a statement.

OFB Tech, a private limited company, is engaged in the business of wholesale trading of bulk raw materials such as steel, non-ferrous metals, industrial chemicals and petroleum derivatives, agri-commodities to facilitate transactions between businesses through its online or offline channels. SMW Ispat, a private limited company, is engaged in the business of manufacturing products such as TMT steel bars and steel billets. (ANI)

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