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New Delhi : The Competition Commission of India (CCI) has approved 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, primarily engaged 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, according to a PIB release.