India's CCI approves Saudi Aramco's $69bn acquisition of Sabic
Commission to promote fair trade in India okays transaction involving both firms that have deep roots in the country
Competition Commission of India (CCI) – formed by the country’s Central Government to eradicate activities that have an adverse effect on competition and promotion, and to protect the interests of consumers — has approved Saudi Aramco’s 70% acquisition, valued at $69.1bn (SAR259.1bn), of Saudi Basic Industries Corporation’s (Sabic) shares under Section 31(1) of the Indian Competition Act, 2002.
In a statement, CCI said that the approval marked a milestone for both companies, which are heavily involved with Indian business.
Saudi Aramco supplies crude oil, liquefied petroleum gas, base oil, and petrochemical products in the country, whilst Tadawul-listed Sabic is involved in the production and sale of commodity chemicals, including petrochemicals, intermediates, polymers, and fertilisers, supplies agri-nutrients, and petrochemical products in the Asian nation.
.@CCI_India approves acquisition of 70 per cent shareholding of Saudi Basic Industries Corporation (SABIC) by Saudi Arabian Oil Company (Saudi Aramco).— CCI (@CCI_India) September 27, 2019
CCI said that a “detailed order” regarding the approval will follow on a later date.