The Competition Commission of India (CCI) Tuesday said it has given nod to Tirumala Milk Products to acquire Prabhat Dairy’s subsidiary Sunfresh Agro Industries as well as the company’s dairy business.
In a tweet, the fair trade regulator said CCI “approves acquisition by Tirumala Milk Products Pvt. Ltd of (a) Prabhat Dairy Limited’s subsidiary Sunfresh Agro Industries Private Limited; and (b) dairy business of Prabhat Dairy.”
According to a PTI report: In January, Prabhat Dairy in a regulatory filing said the France-based Lactalis’ Indian subsidiary Tirumala Milk Products was acquiring its dairy business for Rs 1,700 crore, which is 1.09 times its sales in 2017-18 of Rs 1,554 crore.
Besides the dairy business, the transaction also involves sale of 100 percent shareholding in Sunfresh Agro Industries, a step-down subsidiary of Prabhat, via a share purchase agreement, the company said.
