Aditya Birla Fashion's TCNS clothing acquisition gets competition commission's approval
Aditya Birla Fashion and Retail Limited plans to acquire a 51% stake in TCNS Clothing Co Ltd, according to the competition watchdog.
Anti-trust regulator Competition Commission of India (CCI) on Tuesday cleared the acquisition of a stake in TCNS Clothing Co by Aditya Birla Fashion and Retail Ltd.
Aditya Birla Fashion and Retail Ltd (ABFRL) is engaged in retailing of branded products, including apparel, footwear and accessories segment. The entity is a listed company and a part of the diversified conglomerate Aditya Birla Group.
The proposed combination involves the acquisition of 51 per cent of the share capital of TCNS Clothing Co Ltd by Aditya Birla Fashion and Retail Limited, the competition watchdog said in an official release.
TCNS Clothing Co Ltd is a listed entity, engaged in the business of manufacturing, distribution, wholesale cash and carry trading and sale of women's apparel.
Last month, ABFRL announced that it has entered into definitive agreements to acquire a 51 per cent stake in women's branded apparel company TCNS Clothing.
Deals beyond a certain value require approval from CCI, as it keeps a tab on unfair business practices in the marketplace.
Published By : Press Trust Of India
Published On: 27 June 2023 at 20:23 IST