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The Competition Commission of India (CCI) has given its nod for acquisition of majority shareholding of Glenmark Life Sciences Limited by Nirma Ltd.
“CCI approves acquisition of majority shareholding of the Glenmark Life Sciences Ltd by the Nirma Ltd”, said a CCI post in platform ‘X’, which was formerly known as Twitter.
In September this year, Nirma had announced that it would acquire 75 per cent stake in Glenmark Life Sciences for ₹7,500 crore. Glenmark Pharmaceuticals had decided to sell the 75 per cent stake to retire outstanding debt of ₹4,340 crore.
Also read: JB Chem signs ₹1,089-crore deal with Novartis to enter ophthalmology segment
The deal values Glenmark Life Sciences at approximately ₹6,700 crore.
Meanwhile, in yet another approval, CCI has green lighted the proposed acquisition of certain business undertakings of Ind Swift Laboratories Ltd and Essix Biosciences Limited by Synthimed Labs Private Limited.
In another deal, the CCI has approved the proposed combination involving the scheme of arrangement inter alios Dhani Services Ltd, Indiabulls Enterprises Limited, India Land Hotels Mumbai Private Limited, India Bulls Pharmcare Ltd Indiabulls and Yaari Digital integrated.
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