CCI approves McNally Bharat-Kilburn deal
Fair trade regulator CCI has approved the proposed amalgamation of McNally Bharat, its subsidiary McNally Sayaji Engineering and EMC Ltd with Kilburn Engineering.
McNally Bharat is mainly into turnkey projects across diverse sectors and holds over 74 % stake in McNally Sayaji.
EMC and Kilburn hold 28.24 % and 1.69 % of the paid up share capital of McNally Bharat respectively, as per a regulatory filing by McNally Bharat in April.
Competition Commission of India (CCI), which keeps a tab on unfair business practices, has approved the proposed merger of the entities, as per the regulator's website.
EMC primarily provides turnkey electrical solutions for transmission and distribution segments while Kilburn is into designing and manufacturing of process equipment and dryers, among others.
In March, McNally Bharat had informed exchanges that its board has agreed to form a committee with representative from each of the companies to oversee the preparation of a draft scheme of amalgamation.