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Home News News and Press Release Month 9 2019 2019 (9) This
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CCI approves Combinations under Section 31(1) of the Competition Act, 2002

September 24, 2019
  • Contents

Competition Commission of India (CCI) approves the following Combinations under Section 31(1) of the Competition Act, 2002,:

  1. Acquisition of Dixcy Textiles Pvt. Ltd. (DTPL) by Varenna Holdings Limited (Varenna)

The proposed transaction entails acquisition of equity shares in DTPL by Varenna. Varenna already holds 60% of the shares in DTPL.

Varenna is an indirect subsidiary of funds managed by Advent International Corporation.

DTPL is primarily engaged in manufacturing of hosiery products including men’s inner wear (including boy’s inner wear), women’s inner wear (including girl’s inner wear) and casual wear (including T-shirts, Tracks, sweatshirts, shorts, leggings, athleisure, thermal wear, capris and skirts).

  1. Acquisition of approximately 25% shareholding of Federal-Mogul Goetze (India) Limited (FMGI) by Icahn Enterprises L.P. (IEP LP); American Entertainment Properties Corp. (AEP); and IEH FMGI Holdings L.L.C. (IEH)

The proposed transaction contemplates an acquisition of approximately up to 25.02% shareholding of FMGI by the Acquirers from the public shareholders of FMGI. Under the SEBI (Substantial Acquisitions of Shares and Takeover) Regulations, 2011, IEP LP and AEP, together with its subsidiary, IEH are the persons acting in concert with Tenneco Inc.

FMGI (the target) manufactures and sells pistons, piston rings, valve seats, valve guides and structured parts for a wide range of applications including two/three wheelers, cars, sport utility vehicles, tractors, light commercial vehicles, heavy commercial vehicles, stationary engines and high output locomotive diesel engines.

  1. Restructuring of pharmacy business of Apollo Hospitals Enterprise Limited (AHEL) and its subsequent acquisition by Enam Securities Private Limited, Jhelum Investment Funds I and Hemendra Kothari.

In terms of the proposed combination, the front end standalone pharmacy business of AHEL shall be transferred by AHEL to Apollo Pharmacies Limited (APL) by way of slump sale pursuant to approval of the National Company Law Tribunal, Chennai Bench.

AHEL is a part of the Apollo Group and provides integrated healthcare services in India and internationally. AHEL healthcare facilities comprise primary, secondary, and tertiary care facilities.

APL is engaged in the business of buying, selling, importing, exporting, distribution or dealing in or manufacturing, Medical and Pharmaceuticals products like intravenous sets, intravenous solutions, all kinds of drugs, disinfectants, tinctures, colloidal products, injectable and all pharmaceuticals and medical preparations and other related products.

Detailed orders of the Commission will follow.

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