Fair trade regulator CCI has given green signal to the takeover of Future group's Pantaloon brand business by Aditya Birla Nuvo.
Aditya Birla Nuvo Ltd (ABNL), part of Kumar Mangalam Birla-led group, through a subsidiary has proposed to acquire a majority of Pantaloon format business from Kishore Biyani-led Future group.
"... The Commission is of the opinion that the proposed combination is not likely to have an appreciable adverse effect on competition in India," the CCI order, dated December 21, said.
This order has come on an application filed on October 8.
The proposed combination relates to acquisition of business of Pantaloon Retail (India) Ltd (PRIL) by ABNL through the latter's subsidiary Peter England Fashions & Retail Ltd (PEFRL).
The Competition Commission of India (CCI) had in August termed as invalid an application seeking nod for this takeover deal as the final deal was yet to be approved by the boards of the concerned companies at that time.
In late April, Future Group had said that Aditya Birla Nuvo would infuse Rs 1,600 crore into its flagship 'Pantaloon' and would acquire a majority stake in the store chain, which would be later demerged to be listed as a separate entity.
As a part of the deal between the two companies, the Pantaloon format would be demerged from PRIL.
