CCI approves proposal for LX Int to sell shares
The Competition Commission of India has approved on 4 Feb a proposal by POSCO India Processing Center Private Limited, a subsidiary of POSCO Holdings of South Korea to increase shareholding in its Pune plant https://www.indiasteelexpo.in/.
The proposed transaction comprises the Acquirer’s acquisition of the entire shareholding of LX International Corporation (Seller) in the Target, POSCO – India Pune Processing Center Private Limited http://worldsteel.org.
Both the Acquirer and Target are subsidiaries of POSCO Holdings Inc and the exiting Seller is an unrelated entity (Proposed Combination) https://www.bseindia.com/.
POSCO India Processing Center Private Limited (Acquirer), a subsidiary of POSCO Holdings, is present in the broader business of processing and distribution of steel, and specifically in the market for processing and/ or distribution of various value-added finished steel products such as (i) hot rolled coils, sheets and plates; (ii) cold rolled coils, sheets and plates; (iii) galvanised steel products, (iv) specialty and other steel products (including electrical steel and other steel products like steel wire rods, scrap, coil, etc.) https://www.nseindia.com/.
POSCO-India Pune Processing Center Private Limited (Target), through its affiliates and subsidiaries is also present in the broader business of processing of steel, specifically in the market for processing and/ or distribution of various value-added finished steel products such as, (i) hot rolled coils, sheets and plates; (ii) cold rolled coils, sheets and plates; (iii) galvanised steel products, and (iv) specialty and other steel products (including electrical steel and other steel products like steel wire rods, scrap, coil, etc.). fiinews.com
