Latest News | Sinochem Group Co, China National Co Corp's Proposed Combination Gets CCI Nod
Get latest articles and stories on Latest News at LatestLY. Fair trade regulator CCI on Thursday said it has given its approval to proposed combination of Sinochem Group Company Ltd and China National Company Corporation Ltd.
New Delhi, Nov 12 (PTI) Fair trade regulator CCI on Thursday said it has given its approval to proposed combination of Sinochem Group Company Ltd and China National Company Corporation Ltd.
Sinochem and China National Company Corporation (ChemChina) are wholly owned by China's state-owned Assets Supervision and Administration Commission of the State Council (Central SASAC), according to a combination notice filed with the regulator.
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The proposed combination involves a strategic restructuring in China, whereby Central SASAC will transfer 100 per cent shares in both Sinochem and ChemChina to a new holding company, to be newly established by Central SASAC.
In India, Sinochem and ChemChina overlaps in the market for sale of formulated crop protection products in India -- herbicides, insecticides, fungicides and bio-stimulants.
In a tweet, the Competition Commission of India (CCI) said, “Commission approves the proposed combination of Sinochem and ChemChina.”
Through a separate tweet, CCI also gave nod to a proposed combination involving Greenko Energy Holdings (GEH) and Orix Wind's special purpose vehicles (SPVs).
The transaction involves acquisition of equity stake in Orix Wind SPVs from Orix Corporation by Greenko or a subsidiary of GEH.
Besides, Orix Corporation will also acquire equity stake in GEH, a combination notice said.
Orix Wind SPVs are Lalpur Wind Energy Pvt Ltd, Etesian Urja Ltd, Khandke Wind Energy Pvt Ltd, Ratedi Wind Power Pvt Ltd, Wind Urja India Pvt Ltd, Tadas Wind Energy Pvt Ltd, Kaze Energy Ltd and OP&E Management Ltd.
These are subsidiaries of Orix Corporation and are primarily engaged in power generation and associated services, the notice said.
(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)