India tribunal halts Lafarge India sale

Monday, 18 April 2016 00:00 - - {{hitsCtrl.values.hits}}

download-(1) Reuters: The Competition Appellate Tribunal (CAT) has halted the sale of Lafarge India after an appeal by a rival, delaying the merger of Lafarge and Holcim’s Indian operations.

The tribual stayed a February order by antitrust watchdog Competition Commission of India (CCI) allowing the sale of Lafarge India until the next hearing on 9 May, according to an order posted on the tribunal’s website.

The CCI’s order was challenged by Dalmia Cement (Bharat) Ltd, which the tribunal said had been “aggrieved” by the order, without elaborating. A spokeswoman for Dalmia Bharat declined to comment.

In February, LafargeHolcim said it was considering a divestment of its interest in Lafarge India, which has an annual capacity of 11 million tons, to comply with antitrust rules for the merger of the group’s legacy companies.

The group had earlier tried to sell 5.1 million tons of Lafarge India’s capacity to cementmaker Birla Corp Ltd, but the deal was called off due to regulatory hurdles.

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