The Competition Commission of India on Monday said it has approved the proposed deal of Bharat Biotech International Ltd for acquiring shares of Eastman Exports Global Clothing Pvt Ltd through a share purchase agreement.
The deal has been approved under the green channel route, wherein a transaction which does not raise any risk of an appreciable adverse effect on competition is deemed to be approved on it being intimated to the competition watchdog.
In a release on the CCI's website, the fair trade regulator said it has approved the deal.
The proposed combination relates to the acquisition of shares of Eastman Exports Global Clothing (EEGC) by Bharat Biotech International Ltd (BBIL) being implemented by way of the share subscription agreement, share purchase agreement.
"Given that there are no horizontal overlaps, vertical and/or complementary links between the activities of the BBIL (including its affiliates) and EEGC, the proposed combination is being notified under the green channel route," CCI said.
BBIL is engaged in the activity of manufacturing of human vaccines and bio-therapeutics, while EEGC is engaged in the business of sourcing, buying, distribution and sales of yarn, fabric and apparels.