CCI approves transfer of 100% shareholding of Sinochem and China National Chemical Corporation Ltd

The Competition Commission of India (CCI) approves transfer of 100% shareholding of Sinochem Group Company Limited (Sinochem) and China National Chemical Corporation Limited (ChemChina) to a new company wholly owned by China State-owned Assets Supervision and Administration (Central SASAC), under Section 31(1) of the Competition Act, 2002.

Nov 13, Delhi: Sinochem is engaged in a wide variety of businesses globally and is headquartered in China.

Also, read- Finance Minister announces measures on AatmaNirbhar Bharat 3.0

In India, Sinochem is, directly or indirectly, primarily engaged in the following businesses: (i) Sale of crude oil; (ii) Sale of natural rubber and rubber antioxidants; (iii) Sale of a variety of chemicals, including agrochemicals (i.e. the sale of insecticides, herbicides, fungicide and other such products); and (iv) Sale of pharma and health products.

ChemChina is engaged in a wide variety of businesses globally and is headquartered in China.

In India, ChemChina is mainly engaged in the following businesses: (i) Sale of chemical products (including methionine, carbon and silicon products); (ii) Sale of passenger car tires, bus and truck tires; (iii) Sale of chemical equipment; and (iv) Sale of solar PV modules.

Also, read- Finance Minister announces measures on AatmaNirbhar Bharat 3.0

The new holding company is not incorporated yet and accordingly, has no business activity.

Detailed order of the Commission will follow.

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CCI approves transfer of 100% shareholding of Sinochem and China National Chemical Corporation Ltd

Nov 13, Delhi: Sinochem is engaged in a wide variety of businesses globally and is headquartered in China.

ChemChina is engaged in a wide variety of businesses globally and is headquartered in China.

In India, ChemChina is mainly engaged in the following businesses: (i) Sale of chemical products (including methionine, carbon and silicon products); (ii) Sale of passenger car tires, bus and truck tires; (iii) Sale of chemical equipment; and (iv) Sale of solar PV modules.

Also, read- Finance Minister announces measures on AatmaNirbhar Bharat 3.0

The new holding company is not incorporated yet and accordingly, has no business activity.

Detailed order of the Commission will follow.

Continue reading more from the below Tags

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China's BYD ceases to produce gasoline-powered vehicles

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CARS24 Raises $450 Million, Nearly Doubles Its Valuation To $1.84 Billion

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