Saudi investment flows into Swiss MNC linked to Indian market
The Competition Commission of India (CCI) has approved the incremental acquisition by SABIC International Holdings in Swiss multinational Clariant AG under Section 31(1) of the Competition Act, 2002, on 2 September 2020.
The Proposed Combination relates to an incremental acquisition of 6.51% shareholding in Clariant AG by SABIC BV, a wholly-owned affiliate of Saudi Basic Industries Corporation.
The Saudi investment in Clariant is set to benefit the Indian market through the Swiss MNC’s offices, manufacturing plants and laboratories in India as well as Europe, North America, South America and China, investment analysts said.
SABIC is a listed joint stock company established by Royal Decree of the Kingdom of Saudi Arabia. SABIC is listed on the Saudi Stock Exchange and has operations in over 50 countries.
SABIC BV is the holding company of SABIC’s international operations, including SABIC’s investments in the specialties sector. The four product segments in which SABIC is mainly active are petrochemicals, Agri-nutrients, metals, and specialties materials.
Clariant AG, headquartered in Muttenz, is listed on the Swiss Exchange. It is active in the production and worldwide distribution of specialty chemicals. Clariant supplies its products to a variety of downstream sectors, including personal care, oil and mining, crop solutions and industrial applications. #investment #manufacturing #SABIC #Saudi /fiinews.com
