Regulatory Green Light: Cement Giants Digvijay and Hi-Bond's Strategic Alliance

The Competition Commission of India (CCI) has approved deals involving Digvijay Cement, Hi-Bond Cement, and India Resurgence Fund (IndiaRF). IndiaRF will take a stake in Digvijay, while Digvijay acquires shares in Hi-Bond. CCI also cleared a merger between ADES International Cayman and Shelf Drilling, Ltd.

The Competition Commission of India has granted approval for significant business deals involving two major cement producers and an investment fund. Digvijay Cement and Hi-Bond Cement of India are set to engage in a strategic business arrangement, fueled by the investment of India Resurgence Fund.

Under the complex deal structure, India Resurgence Fund, managed by a joint venture between the Piramal Group and Bain Capital, will acquire a stake in Digvijay Cement. In turn, Digvijay Cement will obtain shareholding in Hi-Bond Cement, signifying a long-term partnership and expansion strategy in the cement sector.

Additionally, the competition watchdog has sanctioned the merger of ADES International Cayman with Shelf Drilling, Ltd. This move aligns with the broader regulatory framework that monitors substantial deals to prevent unfair practices and maintain market competition.

(With inputs from agencies.)