Home / Knowledge / News / Apparel/Garments / CCI okays takeover of Pantaloon business by ABNL
CCI okays takeover of Pantaloon business by ABNL
26
Dec '12
The Competition Commission of India (CCI), India’s fair trade regulator, has permitted Aditya Birla Nuvo Ltd (ABNL) to acquire majority stake in Future Group’s Pantaloon brand business.
 
Forming a part of Kumar Mangalam Birla-led group, ABNL filed an application with CCI seeking its permission to takeover major stake in Pantaloon brand business of Kishore Biyani-led Future group through its subsidiary.
 
In its order, CCI stated that the proposed takeover is not foreseen to have a significant impact on competition in India, Business Standard reported quoting PTI.
 
The proposed deal would see ABNL acquiring Pantaloon Retail (India) Ltd (PRIL) business through its subsidiary Peter England Fashions & Retail Ltd (PEFRL).
 
Subsequent to the deal, Pantaloon format would no longer remain a part of PRIL.
 
In April this year, Future Group made a statement that ABNL would invest Rs. 16 billion in its flagship ‘Pantaloon’ business and would occupy a major stake in the Pantaloon format store chain, which would then be demerged from PRIL to be established as a separate entity.
 
Then in August this year, CCI turned down an application seeking approval for the said deal, terming it as ‘invalid’, as the terms of the final deal were then not approved by the boards of the concerned companies.
 

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 28th Apr 2017

Fix 5% GST rate for textile goods: Textile bodies

Uniform levy of 5 per cent Goods and Services Tax (GST) on all...

Textiles | On 28th Apr 2017

India lifts CVD imposed on Nepali Jute goods

The countervailing duty (CVD) that was imposed on Nepali jute...

Courtesy: Williamsburg Garment Company

Fashion | On 28th Apr 2017

'We have grown by staying small & maximising efforts'

The easiest way to go out of business is to be too big or expand too...

Interviews View All

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X