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Sandur Manganese & BAG Holdings secures Indian approval for Arjas Steel acquisition

( July 18, 2024, 23:28 GMT | Official Statement) -- MLex Summary: Steel and mining company Sandur Manganese & Iron Ores, or Smiore, along with its affiliate BAG Holdings, have received the green light from the Indian antitrust watchdog to acquire Arjas Steel and its subsidiary Arjas Modern Steel. This proposed acquisition will solidify Smiore's foothold in the steel industry, expanding its reach into the manufacturing of steel product such as heavy ingots and billets. Smiore currently focuses on mining iron and manganese ore, producing ferroalloys and coke. The parties informed the Competition Commission of India of an "insignificant horizontal overlap between the activities of Smiore and the target in the “market for production and sale of coke in India.” They added that the two existing vertical linkages and four potential vertical linkages do not raise any competition concerns. Statement from the Competition Commission of India follows:...

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