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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

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