The company's acquisition of Usha Martin's steel business is valued at around Rs 4,300-4,700 crore.
Shares of Tata Sponge Iron rose nearly 3 percent in early trade after the Competition Commission of India (CCI) cleared the company's acquisition of Usha Martin's steel business.
The transaction is valued at around Rs 4,300-4,700 crore. Tata Sponge is a subsidiary of Tata Steel.
Shares of Tata Steel rose as much as 2.2 percent following the CCI's green signal for the deal with Usha Martin. Those of Usha Martin were also up 7.3 percent in early trade.
At 09:47 IST, Tata Sponge was trading at Rs 763.00, up 2.19 percent from its previous close.
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