Competition Commission Of India Approves Sanyo Special Steel Co. Ltd.'S Acquisition Of Stake In Sanyo Special Steel Manufacturing India Private Limited

The Competition Commission of India (CCI) has given approval for the acquisition of a 15.43% shareholding in Sanyo Special Steel Manufacturing India Private Limited by Sanyo Special Steel Co. Ltd. from Mitsui & Co. Ltd.

This transaction, also known as Proposed Combination, entails Sanyo Special Steel Co. Ltd. (Sanyo or Acquirer) acquiring the mentioned shareholding in Sanyo Special Steel Manufacturing India Private Limited (SSMI or Target) from Mitsui & Co. Ltd.

Sanyo Special Steel Co., Ltd., headquartered in Japan, is a renowned manufacturer and global distributor of steel products. With manufacturing bases across Europe and India, the company specializes in various special steel products such as bearing steel, engineering steel, stainless steel, heat-resistant steel, and tool steel. Sanyo operates as part of the Nippon Steel Corporation Group.

SSMI, initially established as a joint venture company in September 2012 involving Mahindra & Mahindra Limited (India), Sanyo Special Steel Co., Ltd (Japan), and Mitsui & Co., Ltd (Japan), is involved in the manufacture of forged products, hot rolled products, and cast products.

In March 2019, there was a shift in the shareholding structure of the Target, resulting in Sanyo Special Steel Co., Ltd. emerging as the majority shareholder. Presently, SSMI operates as a subsidiary of the Acquirer, Sanyo Special Steel Co. Ltd.

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