The Competition Commission has given its nod to the acquisition of Raj Petro Specialities by Germany-based chemical distribution company Brenntag AG.
According to a notice submitted with CCI, the proposed transaction involves the acquisition of 100 per cent of the total issued, paid-up and subscribed equity share capital of Raj Petro by Brenntag in two tranches.
In first tranche, Brenntag AG, through its indirect subsidiary Brenntag (Holding) BV, will acquire equity shares, representing 65 per cent of the total issued, paid-up and subscribed equity share capital of Raj Petro.
The remaining 35 per cent will be picked up in the second tranche.
In a tweet on Friday, the Competition Commission of India (CCI) said it has approved "acquisition of Raj Petro by Brenntag".
Brenntag (Holding) BV is part of the Brenntag Group, which is active in distribution of industrial and speciality chemicals.
Raj Petro Specialities is a manufacturer, distributor and exporter of a range of petroleum speciality products and lubricants, among others.
Deals beyond a certain threshold require approval from CCI, which keeps a tab on unfair business practices across sectors.