The fair trade regulator CCI has approved the proposed acquisition of US-based glass products maker Guardian Industries by Koch Industries.
As per the deal entered into by the companies in November last year, Koch Industries through its wholly-owned subsidiary KGIC Merger Corporation would acquire sole ownership of Guardian Industries.
In 2012 Koch bought about 45 per cent stake in Guardian Industries.
“The deal is an all-cash transaction for the remaining 55.5 per cent outstanding shares of Guardian Industries’ common stock not already owned by affiliates of Koch,” a company press release said.
The Competition Commission of India (CCI), which keeps a tab on unfair business practices, has approved the deal, as per the regulator’s website.
Both the companies have presence in India.
Koch Industries is a privately held US Corporation which owns a diversified group of companies in refining, chemicals, biofuels, fertilisers, forest and consumer products, among others.
Guardian Industries through its subsidiaries is active worldwide in businesses including manufacturing float glass and fabricated glass products and distributing building materials for commercial and residential applications.