CCI clears deal involving two cement companies

New Delhi, Nov 18 (PTI) The Competition Commission on Tuesday approved a proposed deal involving two cement companies -- Digvijay Cement and Hi-Bond -- and an alternative investment fund.

Under the planned multi-layered deal, India Resurgence Fund (IndiaRF), an alternative investment fund, will buy a stake in Digvijay Cement Company, and the latter will snap up shareholding in Hi-Bond Cement (India).

In a release on Tuesday, the Competition Commission of India (CCI) said it has approved the deal.

"The proposed combination envisages the acquisition of shareholding by IndiaRF in Digvijay, the proposed long-term business arrangement between Hi-Bond and Digvijay, and the proposed acquisition of shareholding by Digvijay in Hi-Bond," as per a filing submitted to the regulator.

India Resurgence Fund (IndiaRF) is a Sebi-registered alternative investment fund. It is owned and managed as a 50:50 joint venture between Piramal Group and Bain Capital's Special Situations team.

Digvijay Cement Company and Hi-Bond Cement (India) Pvt Ltd are engaged in the manufacturing and sale of grey cement.

In a separate release on Tuesday, the competition watchdog cleared the proposed merger of ADES International Cayman, a wholly-owned subsidiary of ADES International Holding Ltd, with and into Shelf Drilling, Ltd.

"CCI approves the proposed merger of ADES International Cayman, a wholly-owned subsidiary of ADES International Holding Ltd, with and into Shelf Drilling, Ltd," the regulator said in a post on X.

ADES International is a part of the ADES Group, which provides oil and gas drilling and production services through its three offshore jackup rigs in India.

In India, the Shelf Group is engaged in the business of operating, chartering drilling rigs and oil field related services in relation to offshore drilling and oil and gas exploration and development activities.

The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace. PTI HG RAM HG BAL BAL