New Delhi, Nov 18 (IANS): The Competition Commission of India (CCI) on Monday said that it has approved the acquisition of Welspun Corp's 'Plates & Coiled Mill Division' by Laptev Finance Pvt Ltd.

Laptev is in the business of buying, selling, reselling, exporting, importing and trading all kinds of goods, including steel goods, while Welspun's core business is of manufacturing welded tubes and pipes of all sizes of steel, including stainless steel, carbon steel, alloy steel by resistance welding, spiral welding, or longitudinal welding.

Welspun Corp Ltd (Welspun) and Laptev entered into a business transfer agreement (BTA) on March 31 2019, wherein Welspun agreed to sell, assign, transfer, convey and deliver, and Laptev has agreed to purchase and acquire the Target Business from Welspun as a going concern on a slump sale basis, said the summary on the deal, published on the CCI website.

"The proposed combination would allow Laptev to bolster its business of buying, selling, reselling, exporting, importing and trading of all kinds of steel products," it said.