The Competition Commission of India (CCI) has approved the acquisition of TCNS Clothing Co Limited (TCNS) by Aditya Birla Fashion and Retail Limited (ABFRL).
The proposed combination involves acquisition of 51 percent of the expanded share capital of TCNS by ABFRL.
In May this year, ABFRL said it has entered into definitive agreements to acquire 51 per cent stake in TCNS Clothing for ₹1,650 crore.
ABFRL is a listed company and is part of the Aditya Birla conglomerate. It is engaged in retailing of branded products within the apparel, footwear and accessories segment, through its retail stores, online retail platforms and e-commerce marketplaces.
TCNS is a listed company engaged in the business of manufacturing, distribution and sale of women’s apparel, jewellery, footwear, and beauty products, currently undertaken under the brands i.e., W, Aurelia, Wishful, Elleven and Folk Song.
TCNS is also engaged in the business of wholesale cash and carry trading (including sale through franchisee outlets) of products in the aforementioned categories.