New Delhi : The Competition Commission on Tuesday approved a proposed deal involving two cement companies -- Digvijay Cement and Hi-Bond -- and an alternative investment fund.Under the planned multi-layered deal, India Resurgence Fund (IndiaRF), an alternative investment fund, will buy a stake in Digvijay Cement Company, and the latter will snap up shareholding in Hi-Bond Cement (India).

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In a release on Tuesday, the Competition Commission of India (CCI) said it has approved the deal."The proposed combination envisages the acquisition of shareholding by IndiaRF in Digvijay, the proposed long-term business arrangement between Hi-Bond and Digvijay, and the proposed acquisition of shareholding by Digvijay in Hi-Bond," as per a filing submitted to the regulator.

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