PCBL Ltd receive CCI approval for Aquapharm Chemicals acquisition
Anti-trust regulator CCI has approved speciality chemicals major PCBL Ltd’s proposed acquisition of a 100 per cent stake in Aquapharm Chemicals, according to a notice.
The Competition Commission of India (CCI) has granted its approval to the deal under the green channel route.
Under the green channel route, a transaction that does not raise any risk of an appreciable adverse effect on competition is deemed to be approved on being intimated to the fair-trade regulator.
PCBL Ltd is engaged in the manufacturing and sale of carbon black, and green power generation.
The transaction relates to PCBL’s proposal to acquire 100 per cent equity share capital of Aquapharm Chemicals from the existing shareholders of the company i.e., (members of Desai Group and Mangwani Group), CCI said.
After the completion of the transaction, Aquapharm Chemicals will be a wholly-owned subsidiary of PCBL Ltd.
Aquapharm Chemicals Pvt Ltd (ACPL) is a Pune-based speciality chemicals company engaged in manufacturing and water treatment chemicals.
“The parties’ activities do not exhibit any horizontal, vertical, or complementary overlaps in any of the plausible relevant markets in India, the proposed combination is being notified under the green channel route,” the regulator said in a notice on Tuesday.
Last month, PCBL Ltd, formerly Phillips Carbon Black Ltd, announced that it plans to acquire the entire stake in Aquapharm Chemicals Pvt Ltd (ACPL) for an aggregate consideration of Rs 3,800 crore.
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First Published: Dec 27 2023 | 10:04 PM IST