Competition Commission has approved the proposed acquisition of drug maker Pfizer's manufacturing plant by Ahmedabad-based Vidhi Research and Development LLP.
Pfizer, in September, announced a business transfer agreement with Vidhi Research for transferring the company's plant in Thane, Maharashtra.
In a tweet, Competition Commission of India (CCI) said it has approved the "acquisition of formulations plant of Pfizer Limited at Thane by Vidhi Research and Development LLP".
The deal is valued at Rs 178 crore.
In September, Pfizer had informed the stock exchanges about the agreement to transfer its business at the Thane plant as a going concern to Vidhi Research for a lump sum consideration of Rs 178 crore.
"Upon the conclusion of the BTA, all current workmen at the Thane Plant shall be transferred to the buyer so as to facilitate manufacturing operations," it had said.
The Thane plant was commissioned in the 1960s. It supplied drugs to both domestic and international markets.
