Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

India’s Competition Commission on Tuesday approved the acquisition of steelmaker Mukand by Bajaj Group, which will raise the group’s shareholding in the company to 74.27pc with the acquisition of 16.57pc equity shares.


Bajaj group of companies, including Bajaj Sevashram, Bachhraj and Company, Bachhraj Factories and Sanraj Nayan Investments are likely to acquire the equity shares from co-promoters of Mukand.


Mukand has an annual steelmaking and rolling capacity of 500,000mt. The company also engages in manufacturing and export specialty steel long products and heavy machinery.


Last month, Mukand announced plans to expand its stainless-steel production capacity by 50,000mt. 

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