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India Approves Acquisition Of Emami Cement By Nuvoco Vistas

 |  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.

“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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