NEW DELHI: Fair trade regulator CCI has approved the proposed merger of South Korea-based LG Life Sciences into LG Chem.
Both companies, part of South Korean major LG, have a presence in India.
The merger was announced by the companies in September following approval of their respective boards of directors.
In a tweet, Competition Commission of India (CCI) said, it has approved the “merger of LG Life Sciences Limited into LG Chem Limited”.
As per a filing to the watchdog, LG Chem would be the surviving company post-merger.
LG Chem, which is into manufacturing chemicals, has three subsidiaries in the country — LG Chemicals India, LG Polymers IndiaBSE -16.17 % and LGC Petrochemical India.
LG Life Sciences has interests in pharmaceutical products and specialty chemicals and is present in the country through LG Life Sciences India.
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Source: Economic Times
