CCI clears SRF, DuPont deal

Diversified firm SRF Ltd has got fair trade regulator Competition Commission of India's (CCI's) approval to acquire US-based DuPont's pharmaceutical propellant business under the Dymel brand.

The all cash deal was valued at $20 million when both sides made the announcement in December 2014. In this regard, SRF entered into a pact with E I DuPont De Nemours and Company, USA.

The CCI has cleared the proposed transaction, according to the information on the regulator's website.

SRF is into manufacturing of chemical-based industrial intermediates, while DuPont is a global group primarily focused on agriculture and nutrition, advanced materials and bio-based industrials.

In India, DuPont markets products in varied segments, including agriculture, food, nutrition and healthcare.

"Under the transaction, SRF will acquire Global DuPont Dymel HFC 134a pharma business and will own DuPont's Dymel brand," SRF had said in a regulatory filing in December 2014.

According to the filing, DuPont would supply SRF the product from its facility till SRF's facility is approved. The consideration for the transaction is $20 million payable in cash, it had said.