The Competition Commission of India (CCI) on Tuesday approved Japanese steelmaker Nippon Steel Corporation's proposal to acquire the remaining 53.4 per cent stake in Krosaki Harima Corporation.
Nippon Steel holds a 46.6 per cent stake in Krosaki. After the completion of the transaction, Nippon Steel's holding in Krosaki would be 100 per cent.
"The proposed combination involves acquisition by Nippon Steel Corporation (Nippon Steel) of 53.4 per cent shareholding of Krosaki Harima Corporation (Krosaki) by way of a tender offer and potential squeeze out (if applicable)," the regulator said in a release.
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