CCI clears Rhone Capital’s stake buy in RHI Magnesita. The transaction pertains to the acquisition of up to 29.9 per cent stake in RHI Magnesita NV by Ignite Luxembourg Holdings. The Competition Commission of India (CCI) on Tuesday said it has cleared Rhone Capital’s proposed acquisition of a 29.9 per cent stake in RHI Magnesita NV.
The transaction pertains to the acquisition of up to 29.9 per cent stake in RHI Magnesita NV by Ignite Luxembourg Holdings. Ignite Luxembourg Holdings is owned and controlled by US-based private equity firm Rhone Capital, which is an affiliate of Rhone Group. In a tweet on Tuesday, CCI said it has approved the “acquisition of up to 29.9 per cent equity shares of RHI Magnesita NV by Ignite Luxembourg Holdings S.à r.l.”
RHI Magnesita NV conducts its business through its subsidiary RHI Magnesita India Ltd and offers isostatically pressed continuous casting refractories, slide gate plates, nozzles and well blocks. Deals beyond a certain threshold require approval from the CCI, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.