CCI approves proposed deal of Bharat Biotech International to acquire Eastman Exports shares
"Given that there are no horizontal overlaps, vertical and/or complementary links between the activities of the BBIL (including its affiliates) and EEGC, the proposed combination is being notified under the green channel route," CCI said.
New Delhi: The Competition Commission of India has announced that it has approved the proposed deal of Bharat Biotech International Ltd for acquiring shares of Eastman Exports Global Clothing Pvt Ltd through a share purchase agreement.
The deal has been approved under the green channel route, wherein a transaction which does not raise any risk of an appreciable adverse effect on competition is deemed to be approved on it being intimated to the competition watchdog.
In a release on the CCI's website, the fair trade regulator said it has approved the deal.
The proposed combination relates to the acquisition of shares of Eastman Exports Global Clothing (EEGC) by Bharat Biotech International Ltd (BBIL) being implemented by way of the share subscription agreement, share purchase agreement.
"Given that there are no horizontal overlaps, vertical and/or complementary links between the activities of the BBIL (including its affiliates) and EEGC, the proposed combination is being notified under the green channel route," CCI said.
The Competition Commission of India (CCI) is the chief national competition regulator in India. The Commission was established by the Central Government on 14th October 2003. CCI consists of a Chairperson and 6 Members appointed by the Central Government.
Eastman Exports Global Clothing is engaged in the business of sourcing, buying, distribution, and sales of yarn, fabric, and apparels.
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Bharat Biotech International Limited is an Indian multinational biotechnology company headquartered in Genome Valley, Turakapally, Hyderabad. The company was founded by Krishna Ella in 1996. It is engaged in the drug discovery, drug development, manufacture of vaccines, bio-therapeutics, pharmaceuticals, and health care products.
