Nov 12: The Competition Commission of India (CCI) approves transfer of 100% shareholding of Sinochem Group Company Limited (Sinochem) and China National Chemical Corporation Limited (ChemChina) to a new company wholly owned by China State-owned Assets Supervision and Administration (Central SASAC), under Section 31(1) of the Competition Act, 2002.
Sinochem is engaged in a wide variety of businesses globally and is headquartered in China. In India, Sinochem is, directly or indirectly, primarilyengaged in the following businesses: (i) Sale of crude oil; (ii) Sale of natural rubber and rubber antioxidants; (iii) Sale of a variety of chemicals, including agrochemicals (i.e. sale of insecticides, herbicides, fungicide and other such products); and (iv) Sale of pharma and health products.
ChemChina is engaged in a wide variety of businesses globally and is headquartered in China. In India, ChemChina is mainly engaged in the following businesses: (i) Sale of chemical products (including methionine, carbon and silicon products); (ii) Sale of passenger car tires, bus and truck tires; (iii) Sale of chemical equipment; and (iv) Sale of solar PV modules.
The new holding company is not incorporated yet and accordingly has no business activity.Disclaimer: We donot claim that the images used as part of the news published are always owned by us. From time to time, we use images sourced as part of news or any related images or representations. Kindly take a look at our image usage policy on how we select the image that are used as part of the news.