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India – CCI Approves Acquisition Of Sterlite’s Power Cable Facility By VISCAS.

18  March, 2015

 


On January 12, 2015, CCI approved the acquisition of the power cable manufacturing facility (‘Facility’) of Sterlite Technologies Limited (‘Sterlite’) by VISCAS Corporation (’VISCAS’). Under the terms of the proposed transaction, Sterlite would transfer its Facility to its wholly owned subsidiary, of which VISCAS would subsequently acquire 51% equity share capital.

VISCAS, incorporated in Japan, is a joint venture company of Furukawa Electric Co. Ltd and Fujikura Ltd. It is inter alia engaged in the business of manufacture and sale of high voltage and extra high voltage cables. In India, VISCAS is present through its indirect subsidiary VISCAS Engineering India Pvt. Ltd. Sterlite is an Indian listed company which is inter alia engaged in the business of developing and delivering products, solutions and infrastructure for telecom and power transmission.

In course of its assessment, CCI observed that VISCAS had limited participation in the tenders for power cables floated in India. CCI further observed that VISCAS had insignificant presence in any segment of the power cables market in India and that the said market was characterized by the presence of a large number of manufacturers. Accordingly, CCI concluded that the proposed transaction was unlikely to lead to any AAEC and approved the transaction.

AZB      

 

For further information, please contact:

 

Zia Mody, AZB & Partners
zia.mody@azbpartners.com

 

Abhijit Joshi, AZB & Partners 
abhijit.joshi@azbpartners.com

Shuva Mandal, AZB & Partners 
shuva.mandal@azbpartners.com

 

Samir Gandhi, AZB & Partners
samir.gandhi@azbpartners.com

Percy Billimoria, AZB & Partners 
percy.billimoria@azbpartners.com

 

Aditya Bhat, AZB & Partners 
aditya.bhat@azbpartners.com

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