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New Delhi, June 14 (IANS) The Competition Commission of India (CCI) on Wednesday said that it has approved the proposed merger of GE’s oil and gas business and Baker Hughes’ oil field services business.

In a tweet, the CCI said: “@CCI_India approves merger of oil and gas business of GE and oil field services business of Baker Hughes Inc.”

Last year, GE and Baker Hughes Incorporated (BHI) entered into a transaction agreement and plan of merger (transaction agreement).

The agreement envisages GE to acquire 62.5 per cent of the voting and economic rights of a newly-formed company that will comprise GE’s oil and gas business and BHI’s business.

The transaction is a composite combination under section 5 of the Competition Act.

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