The Competition Commission of India (CCI) has approved Tata Steel Limited's proposal to acquire sole control of Tata BlueScope Limited, according to an official statement released on Wednesday, December 24.
Under the approval, Tata Steel will acquire the remaining 50 percent of the shares currently held by its joint venture partner BlueScope Steel Asia Holdings Pty Limited, thereby gaining full ownership of the company. Last month, Tata Steel Limited announced plans to acquire a 50 percent stake in Tata BlueScope Steel Private Limited for a consideration of up to $130 million
In a statement, the regulator said it had approved Tata Steel Limited's proposal to acquire sole control by purchasing the remaining stake owned by BlueScope Steel Asia Holdings.
History of the Tata BlueScope joint venture
Tata BlueScope Steel Private Limited was incorporated in 2005 as a 50:50 joint venture between Tata Steel and BlueScope Steel Limited. Tata Steel owned its stake through its subsidiary Tata Steel Downstream Products Limited (TSDPL), while BlueScope participated through its Asian division.
The partnership was initially created to combine Tata Steel's strong presence in the domestic market with BlueScope's advanced technologies in coated steel products, pre-engineered construction solutions, and roofing.
