Competition Commission of India (CCI) on Thursday said it has cleared the proposed acquisition of Indo Gulf Fertilizers by Indorama India Private Ltd. Indo Gulf Fertilizers is a part of Grasim Industries Ltd.
Indorama will acquire the business as a going concern on a slump sale basis, as per a notice filed with the watchdog.
“Commission approves acquisition of Indo Gulf Fertilizers (fertilizer business division of Grasim Industries Limited) by Indorama India Private Limited,” the fair trade regulator said in a tweet.
Indorama is engaged in manufacture, trading and sale of fertilisers, primarily, phosphatic fertilisers and speciality plant nutrients.
Grasim Industries Ltd is into production of viscose staple fibre, textiles and insulators, among others.
Source: Economic Times