Tata Steel plan to buy BlueScope gets CCI nod

New Delhi: The Competition Commission of India said Tuesday it has approved Tata Steel Ltd's proposed acquisition of sole control in Tata BlueScope Steel Pvt Ltd by purchasing the remaining 50% equity shareholding currently held by BlueScope Steel Asia Holdings Pty Ltd.

Separately, the competition regulator approved the acquisition of certain warrants of Federal Bank Limited by Asia II Topco XIII Pte. Ltd.

Upon full exercise of the warrants, the acquirer will hold 9.99% of the paid-up share capital of the target, a private sector commercial bank, on a fully diluted basis, it noted in a statement, adding that the acquirer will have the right to nominate a director on the target's board (as long as the acquirer holds at least 5% of the paid-up share capital of the Target). - Our Bureau