CCI approves Nirma’s acquisition of 75% stake in Glenmark Life Sciences

The Competition Commission of India (CCI) has approved acquisition of majority shareholding of Glenmark Life Sciences (GLS) Limited by the Nirma Limited.

The board of Glenmark Pharmaceuticals Ltd had, in September, approved a proposal to divest 75 per cent stake in its subsidiary GLS to Nirma for Rs5,651.5 crore.

The proposed transaction involves acquisition of majority shareholding in Glenmark Life Sciences Limited by Nirma Limited by way of purchase of promoter shares and purchase of shares from the public shareholders under an open offer, as per Sebi regulations.

Nirma is engaged in the manufacture and sale of active pharmaceutical ingredients (APIs) and intermediaries and contract development and manufacture organisation (CDMO) services for APIs. Glenmark Life Sciences has a portfolio of over 130 APIs serving chronic therapeutic segments like cardiovascular disease, central nervous system disorders, pain management, and anti-diabetics.

The company has a diversified business model with geographical presence and capacities in India and the United States. The India operations includes soda ash, soaps and detergents, salt, caustic soda, Linear Alkyl Benzene and other industrial products.

Yari Digital: CCI also, on Tuesday, approved the proposed combination involving the amalgamation of Dhani Services Limited (Dhani/DSL) and Indiabulls Enterprises Limited (IEL) with Yaari Digital Integrated Services Limited.

Other companies that are part of the amalgamation include Savren Medicare Limited, Auxesia Soft Solutions Limited, Gyansagar Buildtech Limited, Pushpanjli Finsolutions Limited, Devata Tradelink Limited, Evinos Developers Limited, Milky Way Buildcon Limited, Indiabulls Consumer Products Limited, Indiabulls Infra Resources Limited, Jwala Technology Systems Private Limited, Mabon Properties Limited, YDI Consumer India Limited, Indiabulls General Insurance Limited  and Indiabulls Life Insurance Company Limited and Juventus Estate Limited

The scheme of arrangement also involves demerger of the real estate business of India Land Hotels Mumbai Private Limited into Indiabulls Pharmacare Limited and discharge of consideration thereof by way of issuance of shares by Yaari Digital, in the capacity of the holding company of Indiabulls Pharmacare.

Dhani has a diversified business portfolio and operates as a real estate developer, a technology company, an NBFC, e-commerce entity, digital wallet provider with UPI, stock brokers, commodities brokers, depository services, ARC, etc.

IEL is authorised to carry on the business of equipment renting services, management, maintenance services and certain other businesses. At present, the entity is engaged in equipment renting and leasing business.

Sarven Medicare, which is authorised to engage in a wide range of activities related to healthcare, pharmaceuticals, and allied products, is currently not actively engaged in such businesses.

Auxesia Software is inter alia engaged in electronic information technology development, upgradation, manufacturing, processing and upgradation of hardware, software, website. However, it is not actively engaged in such businesses at present.

Gyansagar Buildtech is authorised to engage in development of real estate projects, but is not actively engaged in such businesses at present.

Pushpanjali Finsolutions which was set up for the business of consultation relating to investment, acquisition, holding, procuring, purchasing of all type of securities, is not active in any such business at present.

Devata Tradelink is authorised to engage in rendering all kinds of financial consultancy services, but is not active in any such business at present.

Evinos Developers is authorised to inter alia engage in the business of renting, leasing of various construction, infrastructure development, manufacturing and mineral handling equipment, is at present not actively engaged in any such business.

Milky Way Buildcon is authorised to carry on the business of development of real estate projects, but is not active in such business.

Indiabulls Consumer Products is authorised to engage in the business of LED lighting and related consultancy services, but is not actively engaged in such business.

Indiabulls Infra Resources is authorised to inter alia engage in the business of renting, leasing of a comprehensive range of construction, infrastructure, manufacturing, and mineral handling equipment, but is not active in such business.

Jwala Technology Systems is authorised to engage inter alia in the business of electronic information technology development, upgradation, manufacturing processing and upgradation of hardware, but is not active in the business.

Mabon Properties is authorised to carry on the business of development of real estate projects, but is not active at present.

YDI Consumer is engaged in the business of manufacturing and marketing of beauty products, cosmetics, toiletries and cleaning products.

Indiabulls General Insurance is authorised to, inter alia, carry on the business of general insurance and health insurance, but has not so far received the insurance licence. Hence, it has decided not to pursue the insurance business.

Indiabulls Life Insurance is authorised to, inter alia, carry on the business of life insurance, but has not so far received the necessary licence and has decided not to pursue the life insurance business.

Juventus Estate is authorised to carry on the business of real estate and other ancillary services.

The demerged company is engaged in development of commercial and industrial infrastructure. At present, the entity is engaged in investment and trading activities.

Indiabulls Pharmcare was originally incorporated to engage in pharma and allied business activities. However, over the period, the entity has diversified its business activities and transitioned into real estate activities.

Yaari Digital is engaged in the business of promoting digital financial and other solutions and have proprietary rights to digital platform ‘Yaari’.