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CCI Approvals on 19th December 2023

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CCI approvals on 19 December 2023

On 19th December 2023, the Competition Commission of India (CCI) approved the following:

i.Proposal to acquire certain business undertakings of Ind Swift Laboratories Limited(ISLL) and Essix Biosciences Limited(Essix) by Synthimed Labs Private Limited(Synthimed).

ii.Proposal to acquire majority shareholding of Glenmark Life Sciences Limited(GLS) by Nirma Limited.

iii.Amalgamation of a list of companies and demerger of Real Estate Business Undertaking of India Land Hotels Mumbai Private Limited into Indiabulls Pharmacare Limited

CCI Approved the acquisition of business under ISLL & Essix by Synthimed:

CCI approved the proposal for the slump sale of certain business

undertakings of ISLL and Essix to Synthimed. following this, ISLL will acquire a minority shareholding in the Synthimed.

Target: ISLL and Essix

Acquirer: Synthimed

Key Points:

i.Synthimed is a part of the Bain Capital Group and Piramal Group headquartered in Chandigarh.

  • It has incorporated a company set-up to facilitate the Proposed Combination.

ii.ISLL and Essix (both based in Chandigarh) are involved in the manufacture of active pharmaceutical ingredients (APIs), Intermediates and formulations.

Note: Slump sale refers to transferring a part or whole of a business to another firm for a lump sum amount.

CCI approved the acquisition of majority shares of GLS by Nirma Limited

CCI approved the proposal related to the acquisition of majority shareholding of GLS by Nirma Limited through the

  • purchase of shares from the GLS’s promoter
  • purchase of shares from the public shareholders under an open offer as per the Securities and Exchange Board of India(SEBI) (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Target: GLS

Acquirer: Nirma Limited

Key Points:

i.GLS based in Hyderabad, Telangana, is involved in the manufacture and sale of APIs and intermediaries and Contract Development and

Manufacture Organisation (CDMO) services for APIs.

ii.The operations of Nirma Limited based in Ahmedabad, Gujarat, include soda ash, soaps and detergents, salt, caustic soda, Linear Alkyl Benzene and other industrial products.

CCI approved the scheme of arrangement involving a list of Companies:

CCI approved the scheme of arrangement involving a list of organisations, the details of the proposed combination are as follows:

i.Amalgamation of Dhani Services Limited (Dhani/DSL) and Indiabulls Enterprises Limited (IEL) into and with Yaari Digital Integrated Services Limited

  • Listed Amalgamating Companies: DSL and IEL
  • Amalgamated Company – Yaari Digital

ii.Amalgamation of the following companies into Yaari Digital.

  • Savren Medicare Limited;
  • Auxesia Soft Solutions Limited;
  • Gyansagar Buildtech Limited;
  • Pushpanjli Finsolutions Limited;
  • Devata Tradelink Limited;
  • Evinos Developers Limited;
  • Milky Way Buildcon Limited;
  • Indiabulls Consumer Products Limited;
  • Indiabulls Infra Resources Limited;
  • Jwala Technology Systems Private Limited;
  • Mabon Properties Limited;
  • YDI Consumer India Limited;
  • Indiabulls General Insurance Limited; and
  • Indiabulls Life Insurance Company Limited (Unlisted Amalgamating Companies)

iii. Amalgamation of Juventus Estate Limited with and into Yaari Digital;

iv.Demerger of the Real Estate Business Undertaking of India Land Hotels Mumbai Private Limited into Indiabulls Pharmacare Limited and discharge of consideration thereof by way of issuance of shares by Yaari Digital, in the capacity of the holding company of Indiabulls Pharmacare.

Note: Yaari Digital is engaged in the business of promoting digital financial and other solutions and has proprietary rights to the digital platform ‘Yaari’.

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About the Competition Commission of India(CCI)
CCI, the competition regulator in India, is responsible for enforcing the Competition Act, 2002
Chairperson – Ravneet Kaur
Headquarters – New Delhi, Delhi
Established– 2003