The Competition Commission of India (CCI) has approved the acquisition of 15.43 per cent shareholding by Sanyo Special Steel Co. Ltd. in Sanyo Special Steel Manufacturing India Private Limited (SSMI) from Mitsui & Co. Ltd.
Sanyo is part of the Nippon Steel Corporation Group.
“CCI approves acquisition of 15.43 per cent shareholding by Sanyo Special Steel Co Ltd in Sanyo Special Steel Manufacturing India Private Limited from Mitsui & Co Ltd”, said a CCI post in social platform ‘X’, formerly Twitter, on Tuesday.
Sanyo Special Steel Co., Ltd. is a Japan-based company that manufactures and sells steel products globally. It has manufacturing hubs in Europe and India. It is engaged in manufacturing and marketing of various special steel products, including bearing steel, engineering steel, stainless steel, heat resistant steel and tool steel.
SSMI was a joint venture company which was incorporated in September 2012 between Mahindra & Mahindra Limited (India), Sanyo Special Steel Co., Ltd (Japan) and Mitsui & Co., Ltd (Japan).
In March 2019, the shareholding of SSMI underwent a change and Sanyo Special Steel Co., Ltd. became the majority shareholder. Presently, SSMI is a subsidiary of the Acquirer / Sanyo Special Steel Co. Ltd.
SSMI is engaged in the market for manufacture of forged products, hot rolled products and cast products.