STOCK MARKET BSE NSE

India Tribunal Halts Lafarge India Sale

The Competition Appellate Tribunal (CAT) has halted the sale of Lafarge India after an appeal by a rival.

Published: 14th April 2016 01:03 PM  |   Last Updated: 14th April 2016 01:03 PM   |  A+A-

MUMBAI: The Competition Appellate Tribunal (CAT) has halted the sale of Lafarge India after an appeal by a rival, delaying the merger of Lafarge and Holcim's Indian operations.

The tribual stayed a February order by antitrust watchdog Competition Commission of India (CCI) allowing the sale of Lafarge India until the next hearing on May 9, according to an order posted on the tribunal's website.

The CCI's order was challenged by Dalmia Cement (Bharat) Ltd, which the tribunal said had been "aggrieved" by the order, without elaborating. A spokeswoman for Dalmia Bharat declined to comment.

In February, LafargeHolcim said it was considering a divestment of its interest in Lafarge India, which has an annual capacity of 11 million tonnes, to comply with antitrust rules for the merger of the group's legacy companies.

The group had earlier tried to sell 5.1 million tonnes of Lafarge India's capacity to cementmaker Birla Corp Ltd, but the deal was called off due to regulatory hurdles.

Stay up to date on all the latest Business news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp