The Competition Commission has approved the proposed acquisition of Reliance Retail’s dairy business by Heritage FoodsBSE 2.71 % apart from two other deals.
HavellsBSE 1.52 %’ purchase of Lloyd’s consumer durables and the deal involving DHFL Pramerica Life Insurance Company have been cleared, the watchdog said.
In a tweet, the Competition Commission of India (CCI) said it has approved “acquisition of the dairy business of Reliance Retail Limited by Heritage Foods Limited”.
As per the notice submitted to the regulator, the proposed combination relates to the acquisition by Heritage Foods of the dairy business of Reliance Retail, as a going concern, by way of a slump sale.
Reliance Retail is a subsidiary of Reliance IndustriesBSE 0.62 % Ltd and its dairy business operates a pan-India dairy procurement, processing and distribution platform under two brands — Dairy Life and Dairy Pure.
Founded in 1992, Heritage Foods is a private sector enterprise with several business divisions including dairy, retail, agri, bakery and renewable energy.
The other approved deal involves Havells IndiaBSE 1.52 % acquiring consumer durables business of Lloyd ElectricBSE 1.45 % & Engineering Ltd. Besides, Havells India will also acquire Lloyd trademark and brand from Fedders Lloyd Corporation LtdBSE 0.82 %.
Approval has also been given to the transfer of 50 percent shareholding by DHFL in DHFL Pramerica Life Insurance Company to DHFL Investments.
Source: Economic Times