On April 3, 2023, the Competition Commission of India (CCI) has approved the following proposals:
i.Merger between Koninklijke DSM N.V. (DSM) and Firmenich International SA (Firmenich)
ii.Share-swap for acquisition of C-Flex India Entities by SBP from C-Flex
iii.Demerger of Fast-Moving Consumer Goods (FMCG) business of Haldiram Snacks and Haldiram Foods into Haldiram Snacks Food Pvt Ltd.
i.CCI approves merger between Koninklijke DSM N.V. (DSM) and Firmenich International SA (Firmenich)
CCI approved the merger of equals between Koninklijke DSM N.V. (“DSM”) and Firmenich International SA (“Firmenich”) to form DSM-Firmenich, a Swiss domiciled company whose shares are proposed to be listed on Euronext Amsterdam and falls under Section 5(c) of the Competition Act, 2002.
- CCI approved this merger under Section 31(1) of the Competition Act, 2002.
The parties involved in the combinations are, DSM; Firmenich; and Danube AG (Danube).
Note: Danube is a newly incorporated wholly-owned subsidiary of DSM with a registered seat in Switzerland. It is presently not engaged in any commercial activities.
Key Points:
i.This collaboration will strengthen the position of both companies in their respective markets and bring new opportunities for growth and innovation.
ii.DSM is a public limited liability company incorporated under the laws of the Netherlands, with its headquarters in Heerlen, the Netherlands.
- DSM is the ultimate parent company of the DSM group which is active in nutrition, health and bioscience.
iii.Firmenich is a privately owned company, headquartered in Geneva, Switzerland. It is engaged in the production and supply of fragrances, flavours, aroma chemicals, rosin resin and turpentine
ii.CCI approves share-swap for acquisition of C-Flex India Entities by SBP from C-Flex
CCI has approved a share swap for the acquisition of the entire shareholding of Constantia Flexibles Sales B.V. (CFlex) in CFlex India entities by S.B. Packagings Private Limited
The C-Flex India entities include the following entities:
- Parikh Packaging Private Limited (Parikh Packaging)
- Creative Polypack Private Limited (Creative Polypack)
- Aparna Paper Processing Industry Private Limited (Aparna Paper)
- Vibgyor Printing and Packaging Private Limited (Vibgyor)
- Parikh Flexibles Private Limited (Parikh Flexibles)
Targets: Parikh Packaging, Creative Polypack, Aparna Paper, Vibgyor and Parikh Flexibles
Acquirer: SBP
Seller: C-Flex
Key Points:
i.SBP Packagings (SBP) is engaged in the manufacturing of flexible packaging materials and is an affiliate of Premji Invest Group.
ii.C-Flex group is engaged in the production and sale of flexible packaging materials and is ultimately owned and controlled by Wendel SE.
- C-Flex is ultimately owned and controlled by WENDEL S.E. (“WENDEL”) In India, C-Flex only has presence through the C-Flex India Entities. W
CCI approves demerger of FMCG business of Haldiram Snacks and Haldiram Foods into Haldiram Snacks Food Pvt Ltd.
CCI also approved the proposed combination involving the demerger of the FMCG business of Haldiram Snacks Pvt Ltd (HSPL), and Haldiram Foods International Pvt Ltd (HFIPL) into Haldiram Snacks Food Pvt Ltd (HSFPL) through a National Company Law Tribunal (NCLT)-approved scheme of arrangement.
- Currently, HSPL and HFIPL are engaged in the manufacturing and distribution of packaged foods products.
- HSFPL a newly incorporated entity will undertake the FMCG business i.e currently undertaken by HFIPL and HSPL, respectively.
Key Points:
i.HSPL/Haldiram Snacks is engaged in the manufacture and distribution of packaged food products in India. Headquartered in Delhi, HSPL’s operations are primarily run by Mr. Manohar Agarwal and Mr. Madhu Sudan Agarwal (Delhi Family).
ii.HFIPL/ Haldiram Foods is engaged in the manufacture and distribution of packaged foods products. Headquartered in Nagpur, HFIPL’s operations are primarily run by Mr. Kamalkumar Shivkisan Agrawal (Nagpur Family).
iii.Upon completion of the demerger, the existing shareholders of HSPL and HFIPL will acquire 56% and 44% shareholding in HSFPL.
Recent Related News:
i.The CCI has approved the acquisition of 100% equity shareholding and 100% preferential shareholding in the Lanco Anpara Power Limited (LAPL) by Megha Engineering and Infrastructures Limited (MEIL) Group or its wholly owned Subsidiary.
ii.CCI has approved the Internal restructuring involving 20 subsidiaries of Keimed Private Limited under Section 31(1) of the Competition Act, 2002. The subsidiaries of Keimed involved in the internal restructuring are collectively referred to as Merging Parties.
About the Competition Commission of India (CCI):
Acting Chairperson– Sangeeta Verma
Establishment – 2003
Headquarters – New Delhi, Delhi
