Nirma Acquires Majority Stake in Glenmark Life Sciences: CCI Approves Deal
Dec 19, 2023 20:31
The Competition Commission of India (CCI) has approved Nirma's acquisition of a majority stake in Glenmark Life Sciences, a leading API and CDMO provider. The deal, worth Rs 5,651.5 crore, will see Nirma acquire 75% of Glenmark Life Sciences.
Photograph: PTI Photo
New Delhi, Dec 19 (PTI) The Competition Commission of India (CCI) on Tuesday said it cleared Nirma's acquisition of majority shareholding of Glenmark Life Sciences Ltd.
The combination relates to the acquisition of majority shareholding of Glenmark Life Sciences Limited by Nirma Ltd.
Glenmark Life Sciences Ltd (GLS) is engaged in the business of development, manufacturing and sale of Active Pharmaceutical Ingredients (APIs) and intermediaries and contract development and manufacture organisation (CDMO) services for APIs.
"CCI approves acquisition of majority shareholding of the Glenmark Life Sciences Limited by the Nirma Ltd," the competition watchdog said in a post on social media platform X on Tuesday.
Ahmedabad-based Nirma is known for its detergents, soap, and dishwashing bars. It is also into the manufacturing of industrial products like soda ash, linear alkyl benzene, alfa olefin sulphonates, fatty acid, glycerine, and sulphuric acid.
In September this year, Glenmark Pharmaceuticals said its board has approved to divest 75 per cent stake in its subsidiary GLS to Nirma Ltd for Rs 5,651.5 crore.
The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
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