Comments
The Competition Commission of India (CCI) has approved the proposed combination involving demerger of the FMCG business of Haldiram Snacks and Haldiram Foods into Haldiram Snacks Food.
Simultaneously the competition watchdog has also approved the acquisition of 56 per cent and 44 perc ent shareholding in Haldiram Snacks Food by existing shareholders of Haldiram Snacks and Haldiram Foods.
Haldiram Snacks Private Limited (HSPL/Haldiram Snacks) is engaged in the manufacture and distribution of packaged food products in India such as snacks, namkeen, sweets, ready-to-eat/pre-mix food, frozen food, biscuits, non-carbonated ready to drink beverages, pasta, etc. Headquartered in Delhi, HSPL’s operations are primarily run by Manohar Agarwal and Madhu Sudan Agarwal (Delhi Family).
Haldiram Foods International Private Limited (HFIPL/ Haldiram Foods) is similarly engaged in the manufacture and distribution of such packaged foods products. Headquartered in Nagpur, HFIPL’s operations are primarily run by Kamalkumar Shivkisan Agrawal (Nagpur Family).
Haldiram Snacks Food Private Limited (HSFPL/Haldiram Snacks Food) is a newly incorporated entity that currently does not undertake any business operations. Post the proposed transaction, HSFPL would undertake the FMCG business that is currently undertaken by HFIPL and HSPL, respectively.
The packaged foods business would comprise collectively the FMCG business currently undertaken by HSPL and HFIPL and their respective subsidiaries/affiliates.
The proposed combination involves the following steps:
- A demerger of the respective FMCG businesses of HSPL and HFIPL (currently housed under HSPL and HFIPL and their various associates/subsidiaries), through NCLT approved Scheme of Arrangement (Scheme).
- Pursuant to the Scheme, the acquisition of 56 per cent and 44 per cent shareholding in HSFPL by the existing shareholders of HSPL and HFIPL (collectively, Proposed Combination).
C-FLEX combination
Share-swapping has been approved by the CCI for the acquisition of C-Flex India Entities by SBP in exchange for C-Flex acquiring certain SBP shares.
The C-Flex group is engaged in the production and sale of flexible packaging materials. C-Flex is ultimately owned and controlled by WENDEL S.E. (WENDEL). In India, C-Flex only has a presence through the C-Flex India Entities. WENDEL is engaged in the acquisition and management of investment portfolios.
DSM-Firmenich merger
CCI has approved the merger between Koninklijke DSM N.V. (DSM) and Firmenich International SA (Firmenich) under Section 31(1) of the Competition Act, 2002.
The proposed combination involves a merger between DSM and Firmenich to form DSM-Firmenich, a Swiss-domiciled company whose shares are proposed to be listed on Euronext Amsterdam.
DSM is a public limited liability company incorporated under the laws of the Netherlands, with its headquarters in Heerlen, the Netherlands. Its shares are listed on the Euronext Amsterdam Stock Exchange. DSM is the ultimate parent company of the DSM group which is active in nutrition, health, and bioscience.
Firmenich is a privately owned company, headquartered in Geneva, Switzerland. It is engaged in the production and supply of fragrances, flavours, aroma chemicals, rosin resin, and turpentine.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.