Wednesday, October 01, 2014

Integrated fuel facility at Mumbai International Airport gets CCI nod

New Delhi: Fair trade watchdog CCI has approved setting up of an integrated aviation fuel facility in Mumbai by a joint venture of three state-owned oil firms and Mumbai International Airport Pvt Ltd after they agreed to put in place measures to prevent anti-competitive practices.

Indian Oil Corp Ltd, Bharat Petroleum Corporation LtdBSE -0.11 %, Hindustan Petroleum Corporation LtdBSE 1.16 % and Mumbai International Airport Pvt Ltd would form an equal joint venture.

Post execution of shareholding pact between them, each would have 25 per cent stake in Mumbai Aviation Fuel Farm Facility Ltd, which is currently a wholly-owned subsidiary of Mumbai International Airport.

The green signal has come after the Competition Commission of India (CCI) sought clarifications on many occasions from the concerned parties since the watchdog had earlier formed a prima facie opinion that the deal would be anti-competitive.
01/10/14 PTI/Economic Times
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