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Srikalahasthi Pipes merger with Electrosteel Castings gets CCI nod

Published: Dec 01, 2020

By TIOLCORPLAWS News Service

NEW DELHI, DEC 1, 2020: The Competition Commission of India (CCI) approved the proposed merger of Srikalahasthi Pipes Ltd (SPL) with and into Electrosteel Castings Ltd (ECL).

"The proposed combination is an amalgamation of SPL with and into ECL pursuant to a scheme of amalgamation, such that, post the amalgamation, SPL will dissolve and ECL will be the surviving entity," CCI said in a statement released today.

The merger was approved under Section 31(1) of the Competition Act, 2002 and will enable the companies to streamline their businesses to achieve economies of scale.

ECL is a publicly listed company in India and ultimate holding company of the Electrosteel group of companies. It is primarily engaged in the business of manufacturing and supply of ductile iron pipes, ductile iron fittings and cast iron pipes.

SPL is a publicly listed company in India and also a part of the Electrosteel group. It is engaged in the business of manufacturing and supply of ductile iron pipes.

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