CCI clears two corporate deals in cement and offshore drilling

The Competition Commission of India on Tuesday cleared two separate transactions involving companies in the cement and offshore drilling sectors. The approvals cover a planned investment and share purchase arrangement among Digvijay Cement, Hi-Bond Cement and India Resurgence Fund, as well as a merger in the energy services space.

The first approval relates to a multi-step deal in which India Resurgence Fund (IndiaRF) will acquire a stake in Digvijay Cement. Digvijay Cement will also purchase shares in Hi-Bond Cement. The transaction was examined after the companies notified the regulator.

According to the filing, “The proposed combination envisages the acquisition of shareholding by IndiaRF in Digvijay, the proposed long-term business arrangement between Hi-Bond and Digvijay, and the proposed acquisition of shareholding by Digvijay in Hi-Bond.”


IndiaRF is a Sebi-registered alternative investment fund jointly managed by Piramal Group and Bain Capital’s Special Situations team. Digvijay Cement and Hi-Bond Cement manufacture and sell grey cement.

In a separate decision, CCI approved the merger of ADES International Cayman with Shelf Drilling Ltd. The regulator said on X, “CCI approves the proposed merger of ADES International Cayman, a wholly-owned subsidiary of ADES International Holding Ltd, with and into Shelf Drilling, Ltd.”

ADES International is part of the ADES Group, which provides offshore oil and gas drilling and production services. Shelf Drilling operates and charters drilling rigs and offers related services for offshore exploration and development.

Combinations that cross specified thresholds require clearance from CCI, which reviews transactions to ensure market competitiveness and prevent unfair practices.

(With inputs from PTI)