On January 20, 2026, the Competition Commission of India (CCI), under the Ministry of Corporate Affairs (MCA), approved two major acquisition proposals in the banking and steel sectors.
- Acquisition of up to 74% (minimum 51%) shareholding in RBL Bank Limited by Emirates NBD Bank (P.J.S.C.)
- Acquisition of 50.01% equity share capital of Thriveni Pellets Private Limited by Tata Steel Limited (TSL)
Exam Hints:
- What? Acquisition approvals by CCI on January 20, 2026
- Approval-1: Acquisition of RBL Bank Limited by Emirates NBD Bank (P.J.S.C.) (ENBD)
- Stake: up to 74% of RBL Bank Limited
- Approval-2: Acquisition of Thriveni Pellets Pvt. Ltd. by Tata Steel Limited (TSL)
- Stake: 50.01% of Thriveni Pellets Pvt. Ltd.
- Other Approval: Restructuring of BPSL’s steel business into a 50:50 JV.
- Entities Involved: JFE Steel Corp (Japan), JSW Steel (India), and BPSL.
- Result: JFE acquires 50% direct stake in JSW Kalinga.
Acquisition of Shareholding in RBL Bank by Emirates NBD Bank (P.J.S.C.):
Approval: The CCI approved the acquisition by Emirates NBD Bank (P.J.S.C.), Dubai, United Arab Emirates (UAE), of up to 74% (with a minimum of 51%) of the paid-up equity capital of RBL Bank, formerly known as Ratnakar Bank Limited.
Acquisition Details:
- Open Offer: A mandatory open offer under the Securities and Exchange Board of India (SEBI) (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, representing up to 26% of the expanded voting capital of RBL.
- Preferential Allotment: A preferential allotment of equity shares amounting to up to 60% of the total paid-up equity share capital of RBL.
- Amalgamation: The proposed amalgamation of ENBD’s banking operations in India, carried out through its three India branches, into and with RBL on a going concern basis.
Acquisition of 50.01% Equity Share Capital of Thriveni Pellets Pvt. Ltd. by Tata Steel Limited
Approval: The CCI approved Tata Steel Limited’s (TSL) proposed acquisition of 50.01% equity share capital of Thriveni Pellets Private Limited (TPPL) from Thriveni Earthmovers Private Limited.
Target: TPPL is engaged in production and sale of iron ore pellets in India. Its wholly owned subsidiary, Brahmani River Pellets Limited, also produces and sells iron ore pellets.
About Acquirer – TSL: It is a listed public company engaged in integrated steel manufacturing, including mining, steelmaking, downstream processing, and the production and sale of steel, iron ore, iron ore pellets, sponge iron, and crude steel.
CCI Approves JSW Steel and JFE Steel’s 50:50 Joint Venture for BPSL Steel Business
On 20th January 2026, the Competition Commission of India (CCI) approved the proposed combination involving Bhushan Power and Steel Limited (BPSL), JSW Sambalpur Steel Limited (JSW Sambalpur), JFE Steel Corporation (JFE) and JSW Kalinga Steel Limited (JSW Kalinga).
- The deal involves a major restructuring to establish a 50:50 Joint Venture (JV) between JFE and JSW Steel Limited.
Restructuring Details:
Target Business Transfer: The steel business undertaking of BPSL (the “Target Business”) will be transferred to JSW Sambalpur Steel Limited through a slump sale.
Stake Acquisition: JFE Steel Corporation (JFE) will acquire a 50% direct shareholding in JSW Kalinga Steel Limited (JSW Kalinga).
Indirect Acquisition: This leads to an indirect acquisition of a 50% shareholding by JFE in JSW Sambalpur Steel Limited.
Final Structure: Post-transaction, JSW Kalinga (and its subsidiary JSW Sambalpur) will be operated as a 50:50 Joint Venture (JV) between JFE and JSW Steel.
About Competition Commission of India (CCI):
Chairperson – Ravneet Kaur
Headquarters – New Delhi, Delhi
Established – 2003
