Competition Commission of India (CCI) has cleared the proposed acquisition of Indo Gulf Fertilizers by Indorama India Private Ltd (IIPL).
Indo Gulf Fertilizers is a part of Grasim Industries Ltd (GIL).
Indorama will acquire the business as a going concern on a slump sale basis, as per a notice filed with the watchdog.
“Commission approves acquisition of Indo Gulf Fertilizers (fertilizer business division of Grasim Industries Limited) by Indorama India Private Limited,” the fair trade regulator said in a tweet.
IIPL is principally engaged in manufacture, trading and sale of fertilisers, primarily, phosphatic fertilisers and speciality plant nutrients.
GIL is engaged in production of viscose staple fibre, chloralkali, fertiliser (through Target Business), textiles and insulators. It is also engaged in producing cement and providing financial services through its subsidiaries.
The target business, Indo Gulf Fertilizers is principally engaged in manufacture, trade and sale of urea, customised fertilisers, agri-inputs, crop protection, plant and soil health products and speciality fertilisers, the release added.