Japan-based Daido Steel has received an approval from Competition Commission of India (CCI) to purchase 10 percent stake in Sunflag Iron and Steel Company. According to CCI, the proposed combination will not have an appreciable adverse effect on competition in India.
Sunflag manufactures special alloy steel, stainless steel, micro alloyed steel, special carbon steel and bearing steel, while Daido is into making speciality steel. Besides, Daido and its group firms do not produce steel in India and only exports mechanical construction steel and stainless steel to its subsidiary Daido Kogyo India for sale in India.
