The Competition Commission of India (CCI) has announced that it has approved the proposed merger between Indian steelmakers Uttam Galva Steels Limited (UGSL) and Shree Uttam Steel and Power Limited (SUSPL).
The CCI stated that the proposed combination is not likely to have any adverse effect on competition in India, adding that the market share of UGSL in the cold rolled steel and galvanized steel products segment is insignificant to raise any competition concern.
In October last year, Uttam Galva Steel announced that the merger between two companies was approved at a board meeting.