Latest News | CCI Clears Rhone Capital's Stake Buy in RHI Magnesita
Get latest articles and stories on Latest News at LatestLY. The Competition Commission of India (CCI) on Tuesday said it has cleared Rhone Capital's proposed acquisition of a 29.9 per cent stake in RHI Magnesita NV.
New Delhi, Sep 5 (PTI) The Competition Commission of India (CCI) on Tuesday said it has cleared Rhone Capital's proposed acquisition of a 29.9 per cent stake in RHI Magnesita NV.
The transaction pertains to the acquisition of up to 29.9 per cent stake in RHI Magnesita NV by Ignite Luxembourg Holdings.
Ignite Luxembourg Holdings is owned and controlled by US-based private equity firm Rhone Capital, which is an affiliate of Rhone Group.
In a tweet on Tuesday, CCI said it has approved the "acquisition of up to 29.9 per cent equity shares of RHI Magnesita NV by Ignite Luxembourg Holdings S.à r.l."
RHI Magnesita NV conducts its business through its subsidiary RHI Magnesita India Ltd and offers isostatically pressed continuous casting refractories, slide gate plates, nozzles and well blocks.
Deals beyond a certain threshold require approval from the CCI, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)