New Delhi, Mar 14 (PTI) The Competition Commission has approved the proposed joint venture between Trafigura Pte Ltd and Polycab Wires to set up a production facility in Gujarat for copper rod production.
With an annual capacity of 2.40 lakh tonnes, the facility will be located on a 40-acre site at Halol in Gujarat.
In a tweet, the Competition Commission of India (CCI) said that it has approved “joint venture between Trafigura and Polycab Wires”.
Mergers and acquisitions beyond a certain threshold require CCI approval.
As per the notice submitted to the regulator, Trafigura and Polycab propose to set up a greenfield project for the purpose of manufacturing copper rods primarily for sale to Polycab.
With a proposed total investment of USD 25 million, the manufacturing unit is expected to be operational by the end of 2017, the companies had said in a joint statement last year.
Trafigura is a wholly-owned subsidiary of Trafigura Group Pte Ltd, which is into physical trading of crude oil, among other activities.
Polycab is into the business of manufacturing cables and wires.
This is published unedited from the PTI feed.
