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India Approves Acquisition Of Emami Cement By Nuvoco Vistas

By  |  May 21, 2020

The Competition Commission of India (CCI), on Thursday, May 21, announced it has approved the acquisition of Emami Cement by Nuvoco Vistas.

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    “CCI India approves acquisition of 100% of the total issued and paid up share capital of Emami Cement Limited, on a fully diluted basis, by Nuvoco Vistas Corporation Limited,” the regulatory body wrote in a tweet.

    The development comes after Emami received queries on whether the deal was not progressing further in the wake of COVID-19 pandemic. However, on May 14, both companies clarified in a joint statement that “the proposed transaction is very much on, subject to the receipt of approval of CCI and other third parties.”

    Emami had entered into a binding agreement on 6 February with Nuvoco Vistas for the divestment of its 100% equity stake in Emami Cement Ltd for an enterprise value of  ₹5,500 crore. At the time of announcing the sale of the cement business, Emami had mentioned that the transaction was expected to be completed in three-four months.

    Full Content: Reuters

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