New Delhi, Feb 22 (IANS): The Competition Commission of India (CCI) on Wednesday approved proposed acquisition of 100 per cent issued and outstanding share capital and sole control of VGP Holdings LLC by Gateway Velocity Holding Corp.

Gateway Velocity Holding Corp. (Gateway), a newly formed corporation in Delaware (US), is a wholly-owned subsidiary of Aramco Overseas Company B.V. (AOC), which is a wholly owned subsidiary of Saudi Arabian Oil Company (Saudi Aramco).

Gateway is a holding company and does not have any business activities in India or elsewhere.

Saudi Aramco is primarily engaged in prospecting, exploring, drilling, and extracting hydrocarbon substances and processing, manufacturing, refining and marketing these substances.

In India, it is primarily engaged in the marketing and selling of hydrocarbons and derivatives (including polyethylene, polypropylene, resins, lubricants and base oils).

VGP Holdings LLC is a limited liability company incorporated under the laws of Delaware.

Following a pre-closing reorganisation, Valvoline Inc will transfer one of its two business segments i.e. Global Products Business, to VGP Holdings.

The global products business sells Valvoline and other branded and private label engine and automotive preventive maintenance products in several countries.

It sells lubricants, coolants and AdBlue (diesel exhaust fluid) in India.