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Commission Greenlights Merger of Indian Tower Fabricators
09/08/2015 - The Competition Commission of India has OK'd the merger of two steel tower fabricators, saying that the deal isn't likely to affect competition, reports The Economic Times newspaper.
Agarwal Steel Structures India Pvt. Ltd. is acquiring Sujana Towers Ltd.'s tower business through a slump sale.
The commission ruled that the merged company's share of the domestic tower business wouldn't be significant. It also said there are other players in the tower industry, The Economic Times reported.
Sujana is operating under a corporate debt restructuring package. The company said in May it would divest the tower business to focus on specialty steel manufacturing, according to The Hindu Business Line newspaper.
Agarwal makes towers used in telecommunications and power distribution.
The commission ruled that the merged company's share of the domestic tower business wouldn't be significant. It also said there are other players in the tower industry, The Economic Times reported.
Sujana is operating under a corporate debt restructuring package. The company said in May it would divest the tower business to focus on specialty steel manufacturing, according to The Hindu Business Line newspaper.
Agarwal makes towers used in telecommunications and power distribution.
