Fair trade regulator Competition Commission of India (CCI) has given its nod to Essar Steel’s proposed sale of a gas plant in Gujarat to Inox Air Products. CCI said that the deal does not raise adverse competition concerns in the country.
According to the deal, Ruias-promoted Essar Steel will transfer its gas plant located at Hazira, Gujarat to Inox on a slump sale basis.
The CCI noted that in terms of an agreement between Essar Steel and Inox, a guaranteed quantity of the industrial gases produced at the Hazira gas plant Essar Steel, on job work and long term basis, would be provided to Essar Steel, by Inox AP, post combination.
Essar Steel, as part of its business activity of steel manufacturing has a gas plant which produces oxygen, nitrogen, and argon gases, while Inox Air Products is engaged in the business of manufacturing and supplying industrial gases across India.
Company Name | CMP |
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JSW Steel | 888.05 |
Tata Steel | 165.85 |
SAIL | 168.50 |
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