CCI approves proposed acquisition of entire shareholding of IPM Inc. and OC NL Invest Cooperatief U.A.
(source : ANI) ( Photo Credit : ani)
CCI Greenlights Major Deal: Triumph Composites and Quartz Fibre to Acquire Owens-Corning’s India Business
In a big move for India’s manufacturing sector, the Competition Commission of India (CCI) has given the go-ahead to Triumph Composites Pvt. Ltd. and Quartz Fibre Private Limited to buy full control of Owens-Corning (India) Pvt. Ltd. This approval covers the entire shareholding from IPM Inc. and OC NL Invest Cooperatief U.A., as per an official release.
The deal stems from a Master Share Purchase Agreement (MSPA) signed on February 13, 2025, involving Triumph Non-Ionics Private Limited (now Triumph Composites), 3B Lux S.A R.L., Owens Corning, Artek US Holding Corp., and Ayana Chemicals Singapore Pte. Limited. Under this agreement, they’re selling Owens Corning’s global glass fibre reinforcement business.
For India, Quartz Fibre Private Limited joins as the second buyer (together called the Acquirers). The transaction focuses on snapping up Owens-Corning (India) Private Limited, which handles key parts of the glass fibre operations in the country.
Both the buyers and the target company specialize in producing and supplying specific glass fibre products. These include chopped strand mat (CSM), assembled rovings (AR), direct rovings (DR), dry use chopped strands (DUCS), woven rovings or fabrics (WR/Fabrics), and continuous filament mat (CFM). These materials play a vital role in industries like construction, automotive, and composites.
This CCI approval for the Owens-Corning India acquisition could boost competition and innovation in the glass fibre market. Stay tuned for more updates on this global business deal! ()
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