New Delhi, Aug 18 (PTI) The Competition Commission of India (CCI) on Thursday said it has approved the deal involving Simpolo Vitrified Pvt Ltd, which is into the business of vitrified tiles.

The proposed combination involves the acquisition of shareholding in Simpolo Vitrified Pvt Ltd (SVPL) by India Business Excellence Fund IV (IBEF IV), India SME Investments Fund – I, Motilal Oswal Finvest Ltd, Partners of Simpolo Ceramics and shareholders of Nexion International Pvt Ltd, Aghara & Sons and Ceramiche Speranza SPA.

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In a tweet on Thursday, the watchdog said it approved "acquisition of the stake in Simpolo Vitrified Private Limited by India Business Excellence Fund IV, India SME Investments Fund – I, Motilal Oswal Finvest Limited and others".

SVPL, Simpolo Ceramics and Nexicon are in the business of designing, manufacturing and sale of vitrified tiles, while IBEF IV is an alternative investment fund and Motilal Oswal Finvest is an NBFC company.

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The proposed combination also contemplates the transfer of the businesses of Simpolo Ceramics and Nexion into SVPL.

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