Aditya Birla Nuvo gets CCI approval for Pantaloon deal
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The Competition Commission of India (CCI) has given the green signal to the takeover of Future group's Pantaloon brand business by Aditya Birla Nuvo (ABNL).
ABNL, through a subsidiary has proposed to acquire a majority of Pantaloon format business from Kishore Biyani-led Future group.
"... the Commission is of the opinion that the proposed combination is not likely to have an appreciable adverse effect on competition in India," the CCI order, dated December 21, said.
This order has come on an application filed on October 8.
The proposed combination relates to acquisition of business of Pantaloon Retail (India) Ltd by ABNL through the latter's subsidiary Peter England Fashions & Retail.
The CCI had in August termed as invalid an application seeking nod for this takeover deal as it yet to be approved by the boards of the two companies at that time.
In late April, Future Group had said that Aditya Birla Nuvo would infuse Rs 1,600 crore into its flagship 'Pantaloon'.
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