CCI clears Mitsubishi Chemicals-Chatterjee Group deal

NEW DELHI: The Competition Commission has approved the proposed acquisition of controlling stake in Mitsubishi Chemicals Corporation ( MCC) PTA India by Kolkata- based The Chatterjee Group.

MCC PTA India is a subsidiary of Tokyo-based Mitsubishi Chemicals.

In a tweet, the Competition Commission of India (CCI) said it has approved "acquisition of shares of MCC PTA India Corp Pvt Ltd by The Chatterjee Group from Mitsubishi Chemicals Corp".

As per the filing to the watchdog, an investment holding firm of The Chatterjee Group, MCPI Holdings Ltd will acquire the controlling stake in MCC PTA from Mitsubishi Chemicals.

In this regard, the entities had entered into a share purchase agreement in July.

The Chatterjee Group has business interests in petrochemicals, real estate, life sciences and information technology.

MCC PTA India is engaged in manufacturing of purified terephthalic acid (PTA), which belongs to fiber intermediate segment of the petrochemical industry.