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The Competition Commission of India (CCI) has approved the acquisition of Mukand Ltd (target company) by Bajaj Sevashram Private Limited (BSPL), Bachhraj & Company Private Limited (BCOPL), Bachhraj Factories Private Limited (BFPL) and Sanraj Nayan Investments Private Limited (SNIPL) (collectively referred to as ‘acquirers’).
The acquirers, which are all part of the Bajaj Group of companies, plan to acquire up to 16.57 per cent of the equity share capital of Mukand Ltd from the sellers, who are also the co-promoters of the target company along with the Bajaj Group. The acquisition is in addition to around 57.70 per cent of the issued and paid-up equity share capital of Mukand Ltd presently held by the Bajaj Group, an official release said.
Investment companies
BSPL, BFPL and SNIPL are all unregistered core investment companies. BCOPL is registered as a non-banking finance company (NBFC) with the Reserve Bank of India. The acquirers are investment and lending companies and are not engaged in the manufacturing or trading of any goods.
Mukand is engaged in the business of manufacturing, marketing, selling, exporting distribution etc. of specialty steel long products and heavy machinery, the release added.
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