The Competition Commission of India (CCI) approves acquisition of equity share capital of Sajjan India Limited (Target) by Sona Company Pte. Ltd. (Acquirer) under Section 31(1) of the Competition Act, 2002.
The proposed combination relates to investment in the Target by way of acquisition of equity shares of the Target and falls under Section 5(a) of the Competition Act, 2002.
The Acquirer is an investment company, incorporated under the laws of Singapore. The Acquirer does not have any physical presence in India. The Acquirer does not have any portfolio companies or investments in India as on the date of the notice.
In India, the Target’s activities are limited to: (i) contract manufacture and manufacture of chemical compounds used in agro-chemicals; (ii) manufacture and trade of specialty chemicals; (iii) manufacture and trade of chemical compounds used in dyes and pigments; (iv) manufacture of chemical compounds / intermediates (not being active pharmaceutical ingredients) used in pharmaceuticals; and (v) manufacture of chemical reagents.
Detailed order of the CCI will follow