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The Competition Commission of India (CCI) has approved the acquisition of 15.43% shareholding by Sanyo Special Steel Co. Ltd. in Sanyo Special Steel Manufacturing India Private Limited from Mitsui & Co. Ltd.
Sanyo Special Steel Co., Ltd. is a Japan-based company that manufactures and sells steel products globally. It has manufacturing hubs in Europe and India. Sanyo is part of the Nippon Steel Corporation Group and manufactures and markets various special steel products, including bearing steel, engineering steel, stainless steel, heat-resistant steel, and tool steel.
SSMI was a joint venture company incorporated in September 2012 between Mahindra & Mahindra Limited (India), Sanyo Special Steel Co., Ltd (Japan), and Mitsui & Co., Ltd (Japan). In March 2019, Target's shareholding changed, and Sanyo Special Steel Co., Ltd. became the majority shareholder. Presently, SSMI is a subsidiary of the Acquirer / Sanyo Special Steel Co. Ltd.
SSMI is engaged in the market to manufacture forged, hot rolled, and cast products.
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