CCI clears Glenmark Pharmaceuticals' deal
Glenmark Pharmaceuticals has received fair trade watchdog CCI's approval for the proposed merger of two subsidiaries with itself.
New Delhi: Glenmark Pharmaceuticals has received fair trade watchdog CCI's approval for the proposed merger of two subsidiaries with itself.
The Competition Commission of India (CCI) has given the green signal for the merger of Glenmark Access Ltd and Glenmark Generics Ltd with Glenmark Pharmaceuticals.
Giving its nod, CCI said "there would be no change in the ultimate control as a result of the proposed combination".
Glenmark Pharmaceuticals -- which is into manufacturing, sale and distribution of branded generic products -- holds 100 percent stake in Glenmark Access and 98.14 percent shareholding in Glenmark Generics.
Glenmark Access -- which holds 1.19 percent in Glenmark Generics -- is engaged in exporting pharmaceutical products while the latter is mainly into the business of pharmaceutical formulations and active pharmaceutical ingredients (APIs).
The deal was approved by the respective boards of directors of the three companies in January this year.
The notice seeking approval was submitted to the regulator on February 26.