Fair trade regulator CCI on Tuesday approved a proposal to set up a joint venture between Mercuria Energy Netherlands BV and Tata International Singapore (Pte) Ltd.
The approval came after Tata International Ltd in February announced signing of the JV pact with Mercuria Energy Group, one of the world's largest integrated energy and commodities groups.
The Competition Commission of India (CCI) said it has cleared the proposed deal.
Tata International is the global trading and distribution arm of Tata Group.
"CCI approves setting up of a joint venture company between Mercuria Energy Netherlands B.V. and Tata International Singapore (Pte) Ltd," the regulator said in a post on X.
The proposed venture will be into global trading businesses across multiple commodities, including energy, metals, agricultural products, oil and gas, and environmental products, Tata International said.
Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
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(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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