Paving the way for mega mergers in the oil & gas sector, the Ministry of Corporate Affairs announced on Thursday that mergers and acquisition deals involving public-sector oil & gas companies have been exempted from requiring mandatory approvals from the Competition Commission of India (CCI).
The changes to existing rules were made through a notification from the MCA, removing legal and procedural obstacles in merging and consolidating state-owned oil and gas firms — a key proposal of the current government at the centre.
According to the notification, all cases of combinations involving the central public sector enterprises (CPSEs) operating in the oil & gas sector under the Petroleum Act, 1934 have been exempted from the CCI approval requirement for five years. The exemption will also be applicable to their “wholly- or partly-owned subsidiaries operating in the oil and gas sectors, from the application of the provisions of sections 5 and 6 of the (Competition) Act, for a period of five years”.
The first such merger in the segment has already received the go-ahead from the Cabinet Committee on Economic Affairs (CCEA). Read More…
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