Press Trust of India reported that India’s Fair trade regulator Competition Commission of India has approved the proposed acquisition of over 27% stake in Llyods Steel Industries by two companies, which are promoted by Miglani family.

Ultimate Logisitics Solutions Pvt Ltd and Metallurgical Engineering and Equipment Ltd are promoted by Miglani family

Citing facts on record and assessment of the deal, the Commission said it is of the opinion that the "proposed combination is not likely to have an appreciable adverse effect on competition in India".

Hence, the same is approved, according to an order dated October 4.

Ultimate Logisitics Solutions along with Metallurgical Engineering and Equipment have proposed the purchase nearly 27.46% stake through preferential allotment. Later, the two entities would make an open offer for additional shares of Lloyds Steel.

The two companies already hold about 24.53% stake in Llyods Steel. This stake was acquired through preferential allotment in March this year.

Source - Press Trust of India

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