The Competition Commission of India has approved the proposed joint venture between Trafigura Pte Ltd and Polycab Wires.
The JV with an annual capacity of 2.40 lakh tonnes is to set up a production facility in Gujarat for copper rod production. It will be located on a 40-acre site at Halol,
The CCI has confirmed the development in a tweet and said that it has approved “joint venture between Trafigura and Polycab Wires”.
Meanwhile, as per the notice submitted to the regulator, Trafigura and Polycab propose to set up a greenfield project for the purpose of manufacturing copper rods primarily for sale to Polycab.
With a proposed total investment of USD 25 million, the manufacturing unit is expected to be operational by the end of 2017, the companies had said in a joint statement last year.