Date: 2025-09-16Category: Not ApplicableState: Union GovernmentCountry: India
CCI approves the proposed acquisition of the entire shareholding of IPM Inc. and OC NL Invest Cooperatief U.A. (OC India Sellers) in Owens-Corning (India) Pvt. Ltd. (Target) by Triumph Composites Pvt. Ltd. and Quartz Fibre Private Limited
**Summary:**
The Competition Commission of India (CCI) has approved the proposed acquisition of the entire shareholding of IPM Inc. and OC NL Invest Cooperatief U.A. (OC India Sellers) in Owens Corning India Pvt. Ltd. (Target) by Triumph Composites Pvt. Ltd. (Acquirer 1) and Quartz Fibre Private Limited (Acquirer 2). This decision, announced on September 16, 2025, follows a Master Share Purchase Agreement (MSPA) dated February 13, 2025, involving Triumph NonIonics Private Limited (now Triumph Composites Private Limited), 3B Lux S.R.L, Owens Corning, Artek US Holding Corp., and Ayana Chemicals Singapore Pte. Limited. The MSPA outlines the sale of Owens Corning's global glass fibre reinforcement business, which includes the acquisition of Owens Corning India Private Limited by the Acquirers. Both the Acquirers and the Target are engaged in the manufacturing and/or supply of specific glass fibre products, including chopped strand mat (CSM), assembled rovings (AR), direct rovings (DR), dry use chopped strands (DUCS), woven rovings/fabrics (WR Fabrics), and continuous filament mat (CFM). A detailed order from the Commission will be released subsequently. NBAD Release ID: 2167329.
Key Entities Referenced
Competition Commission of India: An organization that approves acquisitions, also known as CCI.
IPM Inc.: One of the sellers, transferring its shareholding in Owens Corning India Pvt. Ltd.
OC NL Invest Cooperatief U.A.: One of the sellers, transferring its shareholding in Owens Corning India Pvt. Ltd.
Owens Corning India Pvt. Ltd.: The target company being acquired by Triumph Composites Pvt. Ltd. and Quartz Fibre Private Limited.
Triumph Composites Pvt. Ltd.: One of the acquirers of Owens Corning India Pvt. Ltd.
Quartz Fibre Private Limited: One of the acquirers of Owens Corning India Pvt. Ltd.
Owens Corning: Parent company involved in the sale of its glass fibre reinforcement business.
Master Share Purchase Agreement: Agreement dated February 13, 2025, pursuant to which parties agreed to sale of Owens Cornings glass fibre reinforcement business.
Competition Commission of India
CCI approves the proposed acquisition of the entire
shareholding of IPM Inc. and OC NL Invest
Cooperatief U.A. (OC India Sellers) in Owens-
Corning (India) Pvt. Ltd. (Target) by Triumph
Composites Pvt. Ltd. and Quartz Fibre Private
Limited
Posted On: 16 SEP 2025 7:45PM by PIB Delhi
The Competition Commission of India has approved the proposed acquisition of the entire shareholding of
IPM Inc. and OC NL Invest Cooperatief U.A. (OC India Sellers) in Owens-Corning (India) Pvt. Ltd. (Target)
by Triumph Composites Pvt. Ltd. and Quartz Fibre Private Limited.
Triumph Non-Ionics Private Limited (now, Triumph Composites Private Limited)/Acquirer 1, 3B Lux
S.À R.L, Owens Corning, Artek US Holding Corp. and Ayana Chemicals Singapore Pte. Limited
have entered into a Master Share Purchase Agreement (MSPA) dated February 13, 2025, pursuant
to which the parties to the MSPA have agreed to the sale of Owens Corning’s glass fibre
reinforcement business, globally. Quartz Fiber Private Limited is Acquirer 2 (collectively Acquirer 1
and Acquirer 2 is referred to as ‘Acquirers’). The global transaction also includes the sale of Owens
Corning’s glass reinforcement business in India through the acquisition of the entire shareholding of
IPM Inc. and OC NL Invest Cooperatief U.A. (together, OC India Sellers) in Owens-Corning (India)
Private Limited (Target) by the Acquirers (Proposed Combination).
The Acquirers and Target are active in the manufacturing and/ or supply of certain specific glass
fibre products, namely; (i) chopped strand mat (CSM), (ii) assembled rovings (AR), (iii) direct rovings
(DR), (iv) dry use chopped strands (DUCS), (v) woven rovings/fabrics (WR/ Fabrics), and (vi)
continuous filament mat (CFM).
Detailed order of the Commission will follow.
*****
NB/AD
(Release ID: 2167329)