CCI okays merger of Omaxe promoter companies

NEW DELHI: Realty firm Omaxe today said fair trade regulator Competition Commission of India (CCI) has approved the merger of some of its promoter companies.

In a filing to the BSE, Omaxe said that the amalgamation of six of its promoter companies with another promoter company Guild Builders had been filed with High Court of Punjab and Haryana.

These six promoter companies are -- Constellation Capital Ltd, SA Finvest, Kautilya Monetary Services, Naj Builders Ltd, Green Tech Tower Builders and JB Realcon.

The amalgamation was proposed to consolidate and simplify the group structure, and bring greater efficiency in resource management.

The promoter companies had also approached CCI for the approval of the proposed amalgamation.

The CCI felt that the control over the business after the proposed amalgamation rests with same promoters and therefore, the proposed combination is not likely to give rise to any adverse competition concerns in India.

"Accordingly, the Commission has approved the said amalgamation/combination of the promoter companies," the filing said.