The Competition Commission of India has approved acquisition of majority stake in SMW Ispat Private Limited by OFB Tech Private Limited. SoftBank-backed OfBusiness’s parent firm OFB Tech is acquiring a 100% stake in SMW Ispat, mainly to acquire its key brand, Sangam TMT. The acquisition will help OFB to include SMW Ispat’s range of rebars on its online platform.Bhilwara Rajasthan based SMW Ispat Private Limited, erstwhile Mahalaxmi TMT Private Limited, is a part of Sangam group and is engaged in manufacturing of billets and rebars since, 2010. SMW Ispat Private Limited has an integrated steel manufacturing facility located at Wardha in Maharashtra with installed capacity of 420,000 tonnes per annum of billets and 500,000 tonnes per annum of rebars.OFB Tech, OfBusiness, is a tech-enabled platform that facilitates raw material procurement and credit for SMEs with focus in the manufacturing and infrastructure sectors. It integrates technology to SME's buying behaviour to make available better products, at better prices, in better timelines to customers with a comprehensive online and offline support. Key raw materials include metals, chemicals, polymers, agri commodities, petrochemicals and building materials. OfBusiness provides SMEs access to cash flow-based financing for buying raw materials through its NBFC 'Oxyzo Financial Services'. The Company also offers a host of tech services for SMEs including BidAssist for new growth opportunities.