The Competition Commission of India (CCI) has approved acquisition of majority shareholding of the Glenmark Life Sciences Limited by the Nirma Limited.
The proposed combination relates to acquisition of majority shareholding of the Glenmark Life Sciences Limited (Target) by Nirma Limited (Acquirer) by way of (i) purchase of shares from the Target’s promoter, and (ii) purchase of shares from the public shareholders under an open offer as per the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011,
The Acquirer has diversified profile and geographical presence with capacities in India and USA. The India operations includes soda ash, soaps and detergents, salt, caustic soda, Linear Alkyl Benzene and other industrial products.
The Target is engaged in the business of development, manufacture and sale of Active Pharmaceutical Ingredients (APIs) and intermediaries and contract development and manufacture organisation (CDMO) services for APIs. The Target has a portfolio of over 130 APIs serving chronic therapeutic segments like cardiovascular disease, central nervous system disorders, pain management, and anti-diabetics.
Detailed order of the CCI will follow