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New Delhi : The Competition Commission of India (CCI) on January 29, 2021, approved acquisition of Indo Gulf Fertilisers by Indorama India Private Limited (IIPL) under Section 31(1) of the Competition Act, 2002.
The proposed combination relates to the acquisition by IIPL of Indo Gulf Fertilisers (‘Target Business’) viz. fertiliser division of Grasim Industries Limited (‘GIL/Seller’), as a going concern on a slump sale basis.
IIPL is principally engaged in manufacture, trading and sale of fertilisers, primarily, phosphatic fertilisers and speciality plant nutrients.
GIL is engaged in production of viscose staple fibre, chloralkali, fertiliser (through Target Business), textiles and insulators. It is also engaged in producing cement and providing financial services through its subsidiaries, according to a PIB release.
The Target Business is principally engaged in manufacture, trade and sale of urea, customised fertilisers, agri-inputs, crop protection, plant and soil health products and specialty fertilisers.