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India – CCI Approves Internal Restructuring Of Nirma.

17 March, 2015

 


On January 28, 2015, CCI approved the proposed amalgamation of Banihal Holdings Private Limited (‘BHPL’), Kargil Holdings Private limited (‘KHPL’), Kulgam Holdings Private Limited (‘Kulgam’), Leh Holdings Private Limited (‘LHPL’), Uri Holdings Private Limited (’UHPL’), Kanak Castor Products Private Limited (‘KCPPL’) and Siddhi Vinayak Cement Products Limited (‘SVCPL’), and the demerger of the healthcare division of Nirma Limited (‘Nirma’) into Aculife Healthcare Private Limited (‘AHPL’).

CCI observed that the ultimate control over the business activities of Nirma, BHPL, KHPL, Kulgam, LHPL, UHPL and KCPPL, both before and after the proposed transaction, would remain with the promoter, Karsanbhai Patel. Further, SVCPL is a wholly owned subsidiary of Nirma and control over its business activities would remain with Nirma even post the proposed transaction. The CCI further observed that as regards the demerger of the healthcare division of Nirma into AHPL, there was no overlap between the business activities of Nirma and AHPL since the latter was a newly incorporated enterprise.

Accordingly, CCI concluded that the proposed transaction was not likely to cause any AAEC in India and approved the same.

AZB    

For further information, please contact:

 

Zia Mody, AZB & Partners
zia.mody@azbpartners.com

 

Abhijit Joshi, AZB & Partners 
abhijit.joshi@azbpartners.com

Shuva Mandal, AZB & Partners 
shuva.mandal@azbpartners.com

 

Samir Gandhi, AZB & Partners
samir.gandhi@azbpartners.com

Percy Billimoria, AZB & Partners 
percy.billimoria@azbpartners.com

 

Aditya Bhat, AZB & Partners 
aditya.bhat@azbpartners.com

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