CCI Approves Synthimed Labs Acquisition of ISLL & Essix Businesses

New Delhi, Dec 19 (PTI) The Competition Commission of India (CCI) on Tuesday said it has approved the proposed acquisition of certain business undertakings of Ind Swift Laboratories Ltd and Essix Biosciences Ltd by Synthimed Labs Private Ltd.

The transaction involves the proposed slump sale of certain business undertakings of Ind Swift Laboratories Ltd (ISLL) and Essix Biosciences Ltd to Synthimed Labs Pvt Ltd, CCI said in a release.

Subsequently, ISLL will acquire a minority non-controlling shareholding in Synthimed Labs.

ISLL and Essix Biosciences are engaged in the business of manufacturing and selling APIs and intermediates, providing contract research and manufacturing services, and supporting research & development.

"Commission approves the proposed acquisition of certain business undertakings of Ind Swift Laboratories Limited and Essix Biosciences Limited by Synthimed Labs Pvt Ltd," as per a post by CCI on social media platform X.

Synthimed Labs is a recently incorporated company, set up to facilitate the proposed combination, and it is not engaged in any business activities as on date.

In another post, the competition watchdog announced clearing the combination involving the scheme of arrangement between Dhani Services Ltd, Indiabulls Enterprises Ltd, India Land Hotels Mumbai Pvt Ltd, Indiabulls Pharmcare Ltd, and Yaari Digital Integrated Services Ltd.

Dhani Services operates as a real estate developer, and functions as a technology company, while Indiabulls Enterprises Ltd is engaged in equipment renting and leasing business, and India Land Hotels Mumbai Pvt Ltd is engaged in carrying out investment and trading activities.

Also, Indiabulls Pharmacare engaged in pharma and allied business activities. However, the entity has diversified its business activities and transitioned into real estate activities, and Yaari Digital Integrated Services is engaged in the business of promoting digital financial and other solutions and has proprietary rights to digital platform 'Yaari'.

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.