CCI approves Aditya Birla-Jubilant Agri deal

Competition Commission has cleared Aditya Birla Retail's proposed acquisition of four retail stores from Jubilant Industries.

The deal to acquire these retail stores, located in Bengaluru, was announced in May this year.

In a tweet, CCI said it has approved "acquisition of four retail stores of Jubilant Agri and Consumer Products Ltd (JCAPL) in Bengaluru by Aditya Birla Retail".

Jubilant Agri, part of Jubilant Industries, would transfer its retail hypermarket business -- that consists of four stores in Bengaluru -- on a slump sale basis to Aditya Birla Retail.

Certain specified assets and liabilities including dedicated employees, contracts, licenses, permits, consents and approvals relating to this undertaking, would also be transferred.

"The transaction is expected to be completed within four months, subject to the necessary statutory, regulatory and other approvals, including approval of CCI and the shareholders of the company," Jubilant Industries had said in a regulatory filing on May 12.