On August 27, 2014, CCI approved the acquisition of 10% of the equity share capital of Sunflag Iron and Steel Company Limited pursuant (‘Sunflag’) by Daido Steel Company Limited (‘Daido’) pursuant to a share subscription agreement.

 
CCI noted that the market shares of Daido and Sunflag are insignificant compared to the size of the steel industry in India. Further, it stated that both horizontal overlaps and vertical relationships between the parties are also insignificant.

 
Accordingly, CCI held that AAEC was unlikely as a result of the proposed combination and gave its approval

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