Fair trade regulator Competition Commission of India (CCI) on Tuesday said it has cleared IMCD India Pvt Ltd's acquisition of an additional 30% equity stake in Signet Excipients.
Signet Excipients is engaged in the business of sales, marketing, distributing, importing, or exporting of excipients used for pharmaceuticals, food, API products, and other related products for pharmaceutical formulation.
The proposed combination relates to the acquisition of the remaining 30% equity stake in Signet Excipients Private Ltd by IMCD India Pvt Ltd by exercising a call option, according to a release.
IMCD India is an indirect wholly-owned subsidiary of Rotterdam-based IMCD NV. It is engaged in sales, marketing, and distribution of specialty chemicals, including food and pharma ingredients in the Indian market.
Signet Excipients is jointly controlled by IMCD and its promoters. Currently, IMCD India and the promoters hold 70% and 30% of the equity stake in Signet Excipients, respectively.
The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
