The Competition Commission of India (CCI) announced that it has given nod to Tirumala Milk Products to acquire Prabhat Dairy’s subsidiary Sunfresh Agro Industries as well as the company’s dairy business. The fair trade regulator said CCI “approves acquisition by Tirumala Milk Products Pvt. Ltd of Prabhat Dairy Limited’s subsidiary Sunfresh Agro Industries Private Limited; and dairy business of Prabhat Dairy.”
Prabhat Dairy, in a regulatory filing, said France-based Lactalis’ Indian subsidiary Tirumala Milk Products was acquiring its dairy business for Rs 1,700 crore, which is 1.09 times its sales in 2017-18 of Rs 1,554 crore.
The company has also mentioned this in a statement that besides the dairy business, the transaction also involves the sale of 100 percent shareholding in Sunfresh Agro Industries, a step-down subsidiary of Prabhat, via a share purchase agreement.
In another tweet, the CCI also stated, “It approves acquisition by Varun Beverages of 9 manufacturing plants and franchise rights for 7 states and 5 union territories as a going concern on a slump-sale basis from PepsiCo.”
The new areas include Gujarat, parts of Maharashtra, parts of Karnataka, Telangana, parts of Andhra Pradesh, Tamil Nadu, Kerala, and union territories of Puducherry, Dadra and Nagar Haveli, Daman & Diu, Lakshadweep, and Andaman & Nicobar Islands.
The CCI also tweeted in a separate tweet that it “approves the acquisition of preference shares of Delhivery Private Limited by Deli CMF Pte. Limited”.
According to a notice, the deal is for the acquisition of over 63,500 compulsorily convertible preference shares after which the holding of Deli CMF in Delhivery will become 4.51 percent from the current 4.76 percent.