Sinochem Group Co, China National Co Corp's Proposed Combination Gets Trade Regulator's Nod in India

Fair trade regulator CCI on Thursday said it has given its approval to proposed combination of Sinochem Group Company Ltd and China National Company Corporation Ltd. Sinochem and China National Company Corporation (ChemChina) are wholly owned by China’s state-owned Assets Supervision and Administration Commission of the State Council (Central SASAC), according to a combination notice filed with the regulator.

The proposed combination involves a strategic restructuring in China, whereby Central SASAC will transfer 100 per cent shares in both Sinochem and ChemChina to a new holding company, to be newly established by Central SASAC. In India, Sinochem and ChemChina overlaps in the market for sale of formulated crop protection products in India — herbicides, insecticides, fungicides and bio-stimulants.

In a tweet, the Competition Commission of India (CCI) said, Commission approves the proposed combination of Sinochem and ChemChina. Through a separate tweet, CCI also gave nod to a proposed combination involving Greenko Energy Holdings (GEH) and Orix Wind’s special purpose vehicles (SPVs).

The transaction involves acquisition of equity stake in Orix Wind SPVs from Orix Corporation by Greenko or a subsidiary of GEH. Besides, Orix Corporation will also acquire equity stake in GEH, a combination notice said.

Orix Wind SPVs are Lalpur Wind Energy Pvt Ltd, Etesian Urja Ltd, Khandke Wind Energy Pvt Ltd, Ratedi Wind Power Pvt Ltd, Wind Urja India Pvt Ltd, Tadas Wind Energy Pvt Ltd, Kaze Energy Ltd and OP&E Management Ltd. These are subsidiaries of Orix Corporation and are primarily engaged in power generation and associated services, the notice said.

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