The Competition Commission of India (CCI) has approved Aditya Birla Fashion and Retail Limited’s (ABFRL) proposed acquisition of TCNS Clothing.
As part of the deal, ABFRL will acquire 51% of the expanded share capital of TCNS Clothing.
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TCNS Clothing, a listed company, specialises in manufacturing, distributing and selling women’s apparel, jewellery, footwear and other beauty products under its brands, W, Aurelia, Wishful, Elleven and Folk Song.
The company also engages in wholesale cash and carry trading of products.
The approval comes after the two parties entered a definitive agreement for the deal last month.
Financial terms of the transaction have not been disclosed, but ABFRL had valued the 51% stake in TCNS Clothing at Rs16.5bn ($201.23m).
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By GlobalDataThe CCI is set to provide its detailed order on the deal.
The Financial Express quoted Aditya Birla Group chairman Kumar Mangalam Birla as saying: “This deal is yet another marker of the Aditya Birla Group’s faith in the dynamism and buoyancy of the Indian consumer economy.
“For ABFRL, the TCNS deal is indeed a significant milestone as it complements our existing portfolio of exceptional brands across the entire spectrum of Indian fashion.”
ABFRL, a part of the Aditya Birla Group, sells apparel, footwear and accessories through its retail stores, online platforms and e-commerce marketplaces.
Earlier this month, Aditya Birla Group invested Rs50bn ($605.2m) in the branded jewellery retail business, marking its entry into the industry.
