New Delhi: Ahmedabad-based Torrent Pharmaceuticals has sought fair trade regulator CCI’s clearance to acquire a majority stake in in J B Chemicals and Pharmaceuticals in a Rs 19,500-crore deal.
After the completion of the deal, Torrent Pharmaceuticals will become India’s second most valued pharma company.
The development came after Torrent Pharmaceuticals in June this year announced the acquisition of a majority stake in J B Chemicals and Pharmaceuticals in a Rs 19,500-crore deal.
“The proposed combination relates to acquisition of shareholding by the acquirer (Torrent Pharmaceuticals Ltd) in the target (J B Chemicals & Pharmaceuticals Ltd) and the subsequent amalgamation of the target with the acquirer,” according to a notice filed with the CCI.
The parties (Torrent Pharma and J B Chemicals) said that their activities exhibit horizontal overlaps in certain relevant markets for the manufacturing and sale of FDFs in India.