On 20th May 2022, Nirmala Sitharaman, Union Minister, Ministry of Finance and Ministry of Corporate Affairs, participated as the chief guest in the 13th Annual Day commemoration of the Competition Commission of India (CCI) held in the Defence Research and Development Organisation(DRDO) Bhawan, New Delhi, Delhi.
- Rao Inderjit Singh, Minister of State(MoS) (Independent Charge) Ministry of Statistics & Programme implementations; planning and MoS Corporate Affairs. Participated in the event as Guest of honour.
i.Finance Minister Nirmala Sitharaman, inaugurated the regional office at Kolkata, West Bengal.
ii.She also launched an upgraded website of CCI during the event.
iii.She released the CCI’s Competition Advocacy Booklets translated into Kannada and Malayalam.
CCI approves acquisition of majority stakes in SMW Ispat by OFB Tech
i.The Competition Commission of India (CCI) has approved the acquisition of the majority stake in SMW Ispat Private Limited (SMW Ispat) by OFB Tech Private Limited (OFB Tech or OfBusiness).
ii.OFB Tech is a business-to-business (B2B) commerce startup, involved in the business of wholesale trading of bulk raw materials like steel, non-ferrous metals, industrial chemicals and petroleum derivatives, Agri commodities to enable transactions between businesses through both online and offline channels.
iii.SoftBank-backed OfBusiness’s parent firm OFB Tech is acquiring a 100% stake in SMW Ispat, to acquire its key brand, Sangam TMT
About Competition Commission of India (CCI):
The Competition Commission of India (CCI) was established in March 2009 by Government of India under the Competition Act, 2002 for the administration, implementation, and enforcement of the Act.
Chairperson– Ashok Kumar Gupta
Headquarters– New Delhi, Delhi