Reliance Retail-Heritage Foods deal, 2 others get CCI nod
Reliance Retail is a subsidiary of Reliance Industries Ltd and its dairy business operates a pan-India dairy procurement.
New Delhi: The Competition Commission has approved the proposed acquisition of Reliance Retail's dairy business by Heritage Foods apart from two other deals.
Havells' purchase of Lloyd's consumer durables and the deal involving DHFL Pramerica Life Insurance Company have been cleared, the watchdog said.
In a tweet, the Competition Commission of India (CCI) said it has approved "acquisition of dairy business of Reliance Retail Limited by Heritage Foods Limited".
As per the notice submitted to the regulator, the proposed combination relates to the acquisition by Heritage Foods of the dairy business of Reliance Retail, as a going concern, by way of a slump sale.
Reliance Retail is a subsidiary of Reliance Industries Ltd and its dairy business operates a pan-India dairy procurement, processing and distribution platform under two brands -- Dairy Life and Dairy Pure.
Founded in 1992, Heritage Foods is a private sector enterprise with several business divisions including dairy, retail, agri, bakery and renewable energy.
The other approved deal involves Havells India acquiring consumer durables business of Lloyd Electric & Engineering Ltd. Besides, Havells India will also acquire Lloyd trademark and brand from Fedders Lloyd Corporation Ltd.
Approval has also been given to the transfer of 50 per cent shareholding by DHFL in DHFL Pramerica Life Insurance Company to DHFL Investments.